Published: 1 hour ago

Ariston Holdings chief executive officer Leon Nortier is exiting the agricultural group as part of a broader leadership shake-up aimed at stabilising the loss-making firm and restoring profitability.

His departure comes amid ongoing board and executive restructuring at the company, which continues to grapple with liquidity constraints, operational inefficiencies and persistent financial losses.

Nortier, who took over as CEO on March 1, 2024, confirmed his exit, saying he was satisfied with his contribution during a difficult period of restructuring.

"I am satisfied with the service I provided… I leave a happy man as I look forward to new challenges," he said.

His exit marks the second major senior departure in just over a year, following the resignation of former finance director Acquilina Chinamo in April 2025 after nearly a decade with the group.

Ariston has been under sustained financial pressure, reporting a narrowed loss of US$3.13 million for the year ended September 30, 2025, compared to US$4.28 million the previous year. The company attributed its performance to liquidity challenges, climate-related disruptions affecting agricultural output, high input costs and a largely illiquid asset base.

The leadership changes have been accompanied by significant board turnover. Former chairperson Alex Crispen Jongwe retired in July 2025 after more than a decade of service, replaced by agribusiness veteran Michael Allan Bailey.

Other departures included board member Innocent Chagonda, who left after 14 years, and non-executive director Paul Timothy Spear, who resigned after a year on the board.

The group has since appointed new directors including Charity Murandu, Tendai Mupfumira and Josephine Takundwa, as part of efforts to strengthen governance and strategic oversight.

Murandu brings extensive cross-sector leadership experience, while Mupfumira has a background in financial services and capital planning in the UK and South Africa. Takundwa is an entrepreneur with deep experience in agribusiness and technology and serves in a senior role at the Zimbabwe National Chamber of Commerce.

Despite the turbulence, the company says it remains focused on recovery through improved production efficiency, cost containment and quality enhancement.

However, Ariston acknowledged ongoing financial strain, stating that its operations remain dependent on continued recovery efforts and external support to meet obligations, as it continues to operate on a going concern basis.
- newsday

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