Simon Itaye, the Managing Director of Packaging Industries Malawi, Nampak Limited has replaced Clement Chilingulo as chairman of the conglomerate Press Corporation Limited.
Itaye: New Press Corporation chair
Chilinguwo: Retires
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.