Turmoil at TNM as CEO steps down: M’bwana acting boss

Malawi Stock Exchange (MSE)–listed TNM plc has been thrown into reputational crisis as  its chief executive officer (CEO) Michiel Buitelaar has   resigned at the mobile phone service provider under controversial circumstances as there are reports of financial malfeasances.

Sources at the company said Buitelaar was forced to resign following complaints  of ‘mis-procurement’ by the company , in which he was accused of  influencing the procuring of briefcase operators at the expense of established entities.

In farewell to TNM employees through an email released on Thursday evening which Nyasa Times has seen, Buitelaar said he was leaving for personal reasons.

“I’m stepping down as CEO of TNM. I thoroughly enjoyed my position and working with you. But personal reasons have brought me to this position.

“Although times are not easy, I’m confident that management and board will navigate TNM through them. Showing Malawi that TNM is the tech company to be proud of. I’m proud to have been part of it,”reads Buitelaar’s email to members of staff.

However, the company’s board has said  Buitelaar  has  left  TNM by mutual consent and that Andrew Mbwana has not been appointed acting CEO.

In a corporate statement  to the company’s shareholders, through the Malawi Stock Exchange.

“The Board expresses its appreciation to Mr Buitelaar for his efforts and contribution during the time he served the Company and wishes him success.

“In the meantime, the Board has appointed Mr Arnold M’bwana, the current Chief Finance Officer, as Acting Chief Executive Officer until the position is substantively filled,” said TNM’s company secretary Christina Mwanza on behalf of the board.

Buitelaar took over as CEO in April 2019 when he took over from Eric Valentine who had served for over 18 months in an acting capacity.

He came from a European Artificial Intelligence software provider where he was the CEO.