Tanganda Tea Company Limited is undergoing a major leadership and governance overhaul following the entry of new strategic investor Innscor Africa Limited, a move that has triggered boardroom changes and an unexpected chief executive departure.

Long-serving board chairperson Herbert Nkala stepped down at the company’s annual general meeting in Harare, ending a 29-year association with the business, including five years as chairman.

“The shareholders, the board and management express their sincere appreciation to Mr Herbert Nkala for his distinguished service spanning 29 years on the board, including his tenure as chairman over the past five years,” the company said.

Nkala’s exit forms part of broader governance restructuring taking place after Rutanhi Investments — an investment vehicle linked to Innscor — entered Tanganda’s shareholder structure through a capital raise.

Board reconfiguration extended beyond the chairmanship. Non-executive director Simon James Hammond retired by rotation and did not seek re-election, while fellow non-executive director Livingstone Gwata also stepped down, with shareholders approving the resolutions individually in line with corporate governance rules.

The changes signal a reset at Tanganda as the company aligns leadership structures with evolving ownership dynamics and prepares for operational repositioning backed by fresh capital.

The leadership shake-up reached the executive level after chief executive officer Sharon Nyasha Kodzanai exited the company only months after taking office in January 2026. Her departure follows the earlier retirement of former CEO Timothy James Graham Fennell, who had led the business for 15 years.

Kodzanai, a long-time company insider with two decades of service and previously company secretary, had been viewed as a continuity appointment. However, her brief tenure highlights the depth of restructuring now underway as Tanganda recalibrates strategy following the shareholder shift.

The company has faced operational headwinds, reporting revenue of US$19.2 million for the financial year ended September 30, 2025, down from US$25.8 million a year earlier. 

Performance was affected by unfavourable weather conditions and subdued demand within formal retail channels, particularly impacting the beverage segment during the first half of the year.

Although volumes recovered later following exchange rate policy adjustments, the results underscored the need for capital reinforcement and operational restructuring.

That process has been anchored by an US$8 million rights issue, which significantly reshaped Tanganda’s ownership profile. Through its subsidiary Rutanhi Investments, Innscor underwrote the offer and agreed to absorb any unsubscribed shares. 

The transaction resulted in Rutanhi taking up 54 percent of the new shares, translating into a 27 percent equity stake in Tanganda.

“This investment will add considerable value to the Tanganda entity and its shareholders, whilst also contributing to the continued development of Zimbabwe’s agricultural sector, and ensuring the long-term preservation and sustainable growth of one of Zimbabwe’s most iconic brands,” Innscor said.

With the conglomerate now positioned as a major shareholder, Tanganda is expected to focus on efficiency improvements, output stabilisation and expansion across both domestic and export markets, particularly in tea and macadamia production.

The company also confirmed directors’ fees amounting to US$178,400 for the year ended September 30, 2025.

The convergence of new capital, leadership departures and board restructuring marks a defining transition period for Tanganda, as investors watch whether the governance reset translates into sustained operational recovery and renewed growth momentum.