From : Newsday.co.zw

By : Business Reporter

6 November 2012

THE Rainbow Tourism Group (RTG) has appointed top business executive Tendai Madziwanyika as the new chief executive officer (CEO), as it seeks to return to profitability in the next financial year.

Until Madziwanyika’s appointment, RTG finance director Paschal Changunda had been acting since the departure of Chipo Mtasa in March this year.

He is a former African Sun managing director and the Zimbabwe Council for Tourism president. Madziwanyika, whose appointment was with effect from yesterday, faces the mammoth task of turning around fortunes of an organisation that has been in a loss-making position since the dollarisation of the economy.

Addressing a Press conference in Harare yesterday, RTG board chairperson Joseph Kanyekanye said finding the “right” candidate had been rigorous.

He said prospective candidates had to go through six hours of psychometric tests.

“It is of utmost importance that Madziwanyika, both in the short run and long term, should be able to transform the group from its current loss position to profitability and achieve all targets set by the board of directors,” Kanyekanye said.

“Daunting as the task may be, I stand here fully confident of his ability to lead the group to the next level of success.”
Kanyekanye said shareholders had approved a $15 million capital raising programme that will assist the hotel group deal with crippling debt.

Madziwanyika said the main challenge was to restructure the balance sheet, drive revenues and push costs down.