Boardroom Fight Erupts At POSB As 'Retired CEO Clings' To The job

A boardroom fight has erupted at the People’s Own Savings Bank (POSB) over retired chief executive officer Admore Kandlela’s decision to hold on to the job despite having been paid terminal benefits.

NewZimbabwe.com reports that Kandlela’s bid to remain in the position is being resisted by some board members and senior management at the bank. An anonymous official told NewZimbabwe:

Kandlela was due to go on retirement as far back as 2013, however, through political connections his employment contract kept on being extended since then. Just recently, he was paid all his terminal benefits. He even took with him almost brand-new vehicles which he used during his last tenure.

We were surprised in the last few weeks to unearth that Kandlela is in the midst of negotiating a fresh employment contract and from my understanding, he is set to receive new vehicles and other benefits. This is worrisome since it will elbow out other contestants who are hoping to get the job.

The official added that some high-level officials within the finance ministry are backing his comeback as he is seen as a good linkage ahead of the bank’s privatisation amid suspicion that some political heavyweights want to seize controlling stake.

However, a section of the management and the board are reportedly opposed to the development, hence the emergence of divisions.

Contacted for comment Kandlela said he was still below the legally acknowledged retirement age. He added:

What a pity. This post is being advertised in the press. Watch out this coming week and apply for the post, please. It’s being advertised through Proserve for these complaining younger candidates. There are no unnecessary additions. I am still below retirement age.

He urged NewZimbabwe to have “better facts” when he was asked the rationale behind the bank’s move to advertise a post whose candidate has already been identified.

More: NewZimbabwe