Itaye new chair of Press Corporation: Malawi conglomerate
Simon Itaye, the Managing Director of Packaging Industries Malawi, Nampak Limited has replaced Clement Chilingulo as chairman of the conglomerate Press Corporation Limited.
Itaye ascended to the chairmanship of Malawi Stock Exchange listed group on Friday during PCL’s annual general meeting held in Blantyre.
Chilingulo has retired from the PCL board after 14 years of service, three of which he was a board chairperson.
Itaye – has extensive experience in audit, financial and strategic general management – has been a Non Executive Director at Press Corporation Limited since March 5, 1998.
He serves as a Director of Investments Alliance Limited and Old Mutual Life Assurance Company (Malawi) Limited.
PCL has Press Trust as its majority shareholder with 44.47 percent stakes followed by Old Mutual with 14.37 percent; Deutsche Bank Trust Company America has 22.34 percent with the public and others holding the remaining 18.82 percent.
The company has stakes in National Bank of Malawi, TNM, MTL, Ethanol Company Limited, Presscane, PTC, Press Properties, the Food Company, Puma Energy, Macsteel, Carlsberg Malawi and Limbe Leaf Tobacco Company Limited.
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Interesting comments on age! My take: it is only in Malawi where at 57, one is too old to be Chairman! We are jokers of a nation.
Our version of the youth represented by the infamous Mr. Lutepo (age 37) has been responsible for the mayhem called ‘Cashgate!’
Totolitotoli! You can’t even spell my name. This is 21st century, these old guys makes decisions based on history not trends. This is information age, these guys have smart phones but all what they use is dailing.
Itaye has been a director of Press since 1998 so he has been part of all the decisions made in the past 17 years so I wonder why some think he will treat Chikaonda different
I feel sorry for Malawi. Why do we insist in putting old people into crucial positions? The name Itaye has been around for centuries ev5at Packaging! Dont you guys have young pe5? What the fuck oh he has audit and accounting experience? ???? Really? Does he even know what the world of accounting and audit, strategic management is all about in 21st century? These guys use history not intelligence never…is it not same Chikaonda? Vuto ehen we hear professsor basi we think he is the best to lead any sheet out of hell Malawi (sic) country of failures. ..
When is chikanenepa leaving? Tione zina just what FAM requires right now.
Musanasekelere, yambani mwafunsa anthu a ku Nampak akuuzani za reign of terror that he brings in organisations
Very happy that Simon has come to the helm of Press Corporation.First, the guy is principled, has his own money and cannot be cheated by the chicken mathematics that Mathews Chikaonda always runs.His biggest task is to make sure that Chikaonda leaves immediately because he has ably mismanaged the group,shrunk it to a quarter of what Kamuzu left and has enterred into so many inoquous deals that need investigation.Munthuyu watopa akapume.
Congratulations Bwana Itaye.
PCL is now just a shell of a conglomerate Chikaonda has stolen a lot of money and we wonder why he is still around.
We also understand that PCL is about to lose the PressCane court issue where they refused to defend the case and withdrew all witnesses. I hope the Board Is aware of this otherwise you will regret being a director. We understand there are issues of billions misappropriated and unaccounted for. A bwana samalani ndi Mateyu.
1.ZUZA you need to know that being old means experience ,I do not think somebody with a child brain can run such a big Conglomerate, it is not where you can be making experiments and trials it a company which needs mature minds,Grow and have the much needed trials,experiments and experience which you will use on how to handle sensitive and crutial issues in future,baphunzirani kaye ntchito .Dikirani nanunso mukula where are you rushing to
You are wrong.