Chief Executive Officer (CEO) for one of the country’s telecommunications company, TNM, Michiel Buitelaar, has resigned from his position.
A message purportedly from Buitelaar making rounds on social media indicates that the decision was made due to personal reasons and that the company’s Chief Finance Officer, Arnold M’bwana will be acting in the CEO capacity.
“I am stepping down as CEO of TNM. I thoroughly enjoyed my position and working with you but personal reasons have brought me to this decision. Although times are not easy, I am confident that management and board will navigate TNM through them showing Malawi that TNM is the tech company to be proud of. I am proud to have been part of it,” reads the message in part.
In a telephone interview, Buitelaar could neither confirm nor dismiss the social media post, saying the company will make an announcement.
“Well I think the company will make a statement shortly, I cannot give you the reasons but I am a happy and relaxed person,” Buitelaar said.
A notice to shareholders issued by the company to the Malawi Stock Exchange (MSE) signed by its company secretary Christina Mwansa that we have seen indicates that the Chief Executive Officer has departed from the company following a mutual separation agreement.
Some inside sources however claimed Buitelaar has been shown the exit for alleged misprocurement of some software.
Stockbrokers Malawi Limited Chief Executive Officer, Noel Kadzakumanja, said it will take some time before the development impacts performance of the company on the stock market.
“It is difficult to assess the impact because our market is slow in accessing information such that the impact is not felt immediately so we will wait and see how much the development will impact the market,” Kadzakumanja said.