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Business Reporter
ECONET Wireless banking unit, Steward Bank, has appointed Dr Lance Shingai Mambondiani as acting chief executive following expiry of incumbent CEO, Kwanele Ngwenya’s term.
Steward Bank’s board announced Wednesday that Dr Mambondiani was appointed following necessary regulatory approvals.
Mr Ngwenya will step down as CEO at the end of this month.

“The Board of Directors of Steward Bank Limited is happy to announce the appointment of Dr Lance Shingai Mambondiani as the acting chief executive officer,” said Steward.

Dr Mambondiani has been with Steward Bank Limited since July 2014 working as a strategy, business development, and e-banking executive, Steward said in a statement.

In this role he contributed to the overall strategic direction of the business as directed by the board and was team leader in the development of the bank’s new products and channels.

Dr Mambondiani has over 12 years banking and financial sector experience across several markets including the United Kingdom, South Africa, Botswana and Zimbabwe.

Steward Bank said that the process of appointing a substantive chief executive officer was underway, and an announcement will be made once this has been finalised.

The appointment of Dr Mambondiani follows the impending departure of Mr Ngwenya, which caught the market by surprise, but Steward said the CEO opted not to renew his contract.

Steward said Mr Ngwenya’s departure was not influenced by any differences over corporate governance issues.

“We are grateful for Kwanele’s leadership during his tenure as Chief Executive Officer, during which he oversaw Steward Bank’s successful re-branding and transformation into one of the country’s leading banks,” Steward said early this month.