Meikles Limited axes CEO Mycroft amid ‘unilateral decisions, salary irregularities’
HARARE – Amidst allegations of racism, foreign currency looting and unfair salary practices reported by Nehanda Radio in July, the board of Meikles Limited, a listed hospitality and retail giant, has fired Malcolm Mycroft as Chief Executive Officer (CEO).
by Nehanda Radio in July, the board of Meikles Limited, a listed hospitality and retail giant, has fired Malcolm Mycroft as Chief Executive Officer (CEO). · Nehanda RadioNehanda Radio understands that Mycroft will continue as TM Supermarkets’ General Manager until Pick n Pay South Africa, the supermarket’s partner, determines his fate.
According to a source close to the developments, Mycroft once “recklessly” signed a controversial agreement without the involvement of the board.
“Malcolm Mycroft’s termination as CEO of Meikles Limited comes as no surprise, given the gravity of allegations leveled against him,” a Nehanda Radio source said.
“Mycroft’s conduct was often unilateral and reckless, including signing a critical agreement without the board’s knowledge or approval. This blatant disregard for corporate governance and accountability compromised the company’s interests.”
The source further stated that the board’s decision to fire Mycroft was a step towards rectifying the damage and restoring transparency.
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“Pick n Pay South Africa is obviously going to scrutinise Mycroft’s actions. They must ensure that their own standards of integrity and accountability are upheld,” the source stated.
Insiders revealed to Nehanda Radio that Mycroft and Walter Stephens, a senior buyer, enjoy exorbitant salaries, while local staff received substantially lower pay.
Mycroft and Stephens allegedly benefited from inflated compensation packages, with Stephens’ monthly salary of US$20,000 exceeding that of his TM Pick n Pay superiors and Meikles’ head office executives, whereas junior employees earned a mere ZWG 5,000 (US$230).
The employees have since engaged the National Economic Conduct Inspectorate to investigate the issues, amid concerns that the company may be prioritising foreign executives over local employees and engaging in unauthorised foreign currency transactions.
Meikles Limited company secretary Thabani Mpofu was unable to comment on the allegations, citing internal policies and regulatory guidelines.
“We appreciate your inquiry regarding recent allegations. As a listed entity, Meikles Limited adheres to stringent communication protocols to ensure transparency and accuracy,” Mpofu stated.
“At this juncture, we cannot confirm or deny specific details regarding personnel matters or internal processes. Our company’s policy dictates that sensitive information is shared through official channels and at appropriate times.
“We assure stakeholders that Meikles Limited remains committed to upholding the highest standards of corporate governance, ethics, and fairness in all our operations. Any necessary disclosures will be made in accordance with regulatory requirements and our communication guidelines.”