ZIMBABWE – Listed grains processor National Foods Holdings Limited (Natfoods) has appointed its chief operating officer (COO) Michael Lashbrook as chief executive.
His appointment, effective from January 1, 2015, follows the resignation of Jeremy Brooke last October.
Meanwhile, Natfoods recently announced plans to spend $8,3 million in capital expenditure targeted at upgrading its flour and maize units in the eight months to June 2015.
Lashbrook told shareholders at an annual general meeting held in November last year that a significant amount of the funds would be invested in their flour business.
“…about $4 million will go into our flour business as we fix the platform. This is an on-going process,” he said.
He added that about $1 million will be channelled into the group’s maize business.
Lashbrook added that they were working with the Grain Millers Association Zimbabwe (GMAZ) and government to reach a compromise price for maize.
“We have procured 20 000 tonnes of maize at the current price, but we are closely working with government and GMAZ to come up with a sustainable solution,” he said.