Listed blue chip company — Botswana Insurance Holdings Limited (BIHL), ended speculation in the city on Tuesday when it announced the appointment of Reginah Sikalesele-Vaka for the newly created position of Chief Executive Officer.
The former MVA CEO assumes the role immediately although she will continue running the affairs at Botswana Life, the life division of BIHL.
“We felt we had gone through the vigorous and transparent process to appoint the CEO,” said Batsho Dambe- Groth, BIHL Board Chairperson when announcing the CEO.
“The incumbent has big challenges ahead to drive the diversification process,, added Dambe- Groth.
The CEOs of two subsidiaries Botswana Life and Bifm will stop reporting to the board, but rather will report to Sikalesele-Vaka, while she will report directly to the board.
The position comes at a time when BIHL is trying to position itself in the rough terrain where a specific and clever CEO will have to weather the storm.
Sikalesele-Vaka has been the CEO of Botswana Life since 2004 after she left MVA Fund.
Despite her strong performance, she was nearly overshadowed by a near scandal where she and other executive managers and directors sold themselves P300 million worth of shares in Bifm.
BIHL was since charged P25, 000 by the Botswana Stock Exchange (BSE) for violating listing requirements.
The listed company breached Rule 10.2 of the BSE Listings Requirements.
The rule states that listed companies contemplating related party transactions are required to consult BSE prior to entering into such transactions.
Meanwhile, Dambe- Groth has been confirmed as the Chairperson of BIHL. She has been acting for the last 15 months since Mclean Letshwiti left.
She told Sunday Standard there will be changes in the near future like replacement of Sikalesele-Vaka at Botswana Life although saying it will be business as usual.
BIHL also announced the coming of the Property Fund that will target property opportunities in the country and outside the country.
The new fund will be driven by Bifm Chief Executive Officer, Victor Senye, who is said to have background on that front.
At his farewell ceremony last year, former BDC Managing Director Kenneth Matambo praised Senye for having been instrumental in the conception of Gaborone International Convention Centre (GICC).
Sikalesele-Vaka comes at a time when BIHL is in good footing with assets under management growing to P16.5 billion.