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Non Executive Directors


Michael Ndoro

Chairman, Imara Holdings Limited and Non Executive Director


Michael Ndoro is a Director of Imara Capital Zimbabwe (Private) Limited, the Imara Africa Series Limited and the African Opportunities Fund. He is also currently the Managing Director of Interfoods (Pvt) Limited, Zimbabwe. After graduating with a degree in Agricultural Economics, Michael spent much of his industrial career with the Coca-Cola Company of Southern Africa. He joined them in 1995 with responsibility for marketing in the region and in 2002 they appointed him as the Managing Director of Schweppes Zimbabwe. In 2004 Michael became Chief Executive of Tedco Limited, a furniture company listed on the Zimbabwe Stock Exchange. Later that year he bought into Interfoods, a fruit and canning business. Michael has also served as a Non Executive Director of Interfresh Limited, a company listed on the Zimbabwe Stock Exchange. He is currently a Non Executive Director of SeedCo Limited, a ZSE listed company as well and sits on their audit & risk committee. He has recently been appointed to the Board of Bain & Company, a large equipment and agricultural implements manufacturer and distributor.


Adam Fleming

Non Executive Director


Adam Fleming was educated at Eton College before joining the family business, Robert Fleming Holdings, in 1970. He moved to South Africa in 1991 to open company offices in southern Africa (Fleming Martin in South Africa, Edwards & Co. in Zimbabwe, and Stockbrokers Botswana). He was Chairman and major shareholder of West Rand Consolidated Mines and Kalahari Goldridge Mining Co., which merged with Harmony Gold Mining Co. in 1999. He retired as Deputy Chairman of Robert Fleming Holdings in 1999 and joined the board of Harmony as Chairman. Robert Fleming Holdings was sold to JP Morgan Chase in August 2000. Adam joined Fleming Family & Partners as a senior adviser in June 2003. He retired as Chairman of Harmony in September 2003 and became chairman of Wits Gold, which is assembling potential gold mining properties in South Africa.


Gary Johns

Non Executive Director


Gary Johns, a citizen of Botswana, joined the banking industry in 1974. He worked in Zimbabwe for Standard Chartered Bank and ANZ Grindlays Bank before joining finance house UDC Limited in 1989. In 1991, Gary moved to Gaborone to manage the UDC business in Botswana. In 2000, UDC Limited was merged into African Banking Corporation where Gary continued to manage the asset finance portfolio. He left the bank in 2004 to set up a private finance and insurance consultancy business. Gary has been a Non Executive Director of Imara Holdings since November 2006.


Günter Steffens

Non Executive Director


Günter was the General Manager at Dresdner Bank AG in London and South Africa for many years. Before joining Dresdner Bank he worked for international banks in Montreal, Zurich and Paris. He is a past Chairman of the German-British Chamber of Industry and Commerce and of the Foreign Banks Association in London and is also a Non-Executive Director of various companies in South Africa and in Europe.


T. Joe Matsau

Non Executive Director


Joe Matsau is an entrepreneur with over 27 years of comprehensive experience in the areas of electric utility operations, sales and distribution and regional economic and social development. From 1979 to 1992, he served as Investment Promotion Manager of the Lesotho National Development Corporation (L.N.D.C.) and Managing Director and Chief Executive of the Lesotho Electricity Corporation (L.E.C.). Joe joined Eskom in 1992 and retired after twelve years of service. After retirement he served as Managing Director of the External Relations Division and participated in the restructuring of the SA Electricity Supply Industry. Joe was on the teams formed by both Government and Eskom and was also a member of the Executive Committee of the Union of Producers and Transporters of Electricity (UPDEA).



Executive Directors


Mark Tunmer, BA LLB LDM

Group Chief Executive, Imara Holdings
Head of Stockbroking and Regional Responsibility for Malawi


As Group Chief Executive, Mark Tunmer holds overall responsibility for Imara's operations.
He is also the Group's Head of Securities and Country Head for Malawi. Mark has accumulated more than 25 years of African stockbroking and advisory experience and has been instrumental in raising more than US$ 450m in sub-Saharan capital markets through numerous listings, privatisations and rights issues. Mark has also advised the Botswana Government on the establishment of the Botswana Stock Exchange and the formulation of the Botswana Stock Exchange Act, Rules and Regulations. He also advised the Reserve Bank of Malawi and the Swaziland Government on the establishment of the Malawi Stock Exchange and the Swaziland Stock Exchange. Mark remains a Director of the Malawi Stock Exchange and is a former chairman of the Zimbabwe Stock Exchange. He is a founder member and former Deputy Chairman of the African Stock Exchanges Association.


David Stone, BCom

Group Finance Director, Imara Holdings


David Stone, a South African and an accountant by training, has acquired over 15 years experience in the financial services sector. David has worked at both director and executive management level and focused his career primarily within the Southern African region. Over the past decade he has played a leading role in the expansion and consolidation of regional banking operations, initially for the UDC Group of companies and more recently for African Banking Corporation.


John Legat, BA (Hons)

Executive Director, Imara Holdings
Head of Asset Management


John Legat heads up the Asset Management operations of the Imara Group. He is based in Zimbabwe where he set up Imara Asset Management Zimbabwe in 1998 and serves as the Chief Executive. This business is currently one of the leading pension fund and private client asset managers in the country. John has extensive global experience gained from his 13 years at GT Management (UK) Ltd where he specialised in European equities before joining the Global Emerging Markets team at GT in 1990. In 1995, John launched and managed the GT Africa Fund, one of the first mutual funds of its kind. He is the Manager of the Imara African Opportunities Fund and the Imara Africa Series.


Roderick MacLeod, BCom LLB CAIB (SA) HDip FMil

Executive Director, Imara Holdings
Head of Corporate Finance


Rod MacLeod is a Certified Associate of the Institute of Bankers. After qualifying, he joined Barclays Bank and was promoted into Barclays Merchant Bank in 1982 before being seconded to its London office in 1985. On his return to South Africa in 1988 Rod was appointed as senior advisor at FirstCorp, handling mergers and acquisitions, management buy-outs and private equity opportunities. In 1990, Rod joined AP&CI where he was responsible for the Group's growth strategy and acquisitions. He joined Janus as a Director and shareholder in 1995.


Ann Mackeurtan

Executive Director, Imara Holdings
Chief Executive Officer, Imara S.P. Reid and Regional Responsibility for South Africa


In 1968, a year after matriculating from Roedean, Ann joined her father Stanley Reid in the family stockbroking business, which her grandfather established in 1934. She was responsible for running the back office and was involved in handling all client requirements. Tragically, Stanley Reid passed away in 1974 and as a result Ann decided to write the Stock Exchange exams. On passing, she became the first female member of the Johannesburg Stock Exchange, just one month after the first woman was admitted to Wall Street. In 1978, Ann became Managing Director of S.P. Reid and Mackeurtan, where she headed up the firm and looked after her clients' portfolios. She is currently CEO of Imara S.P. Reid (Pty) Ltd - a firm which has increased from 4 to 65 employees and whose client base has expanded from 100 to 10,200 and continues to grow.