Lafarge Chief Executive, Precious Nyika left after the company was hit with a heavy central bank fine over exchange rate violations.
According to multiple sources, the board took the decision after the central bank imposed a fine of the equivalent of US$1 million under exchange control regulations.
“An audit raised several corporate compliance infractions that, together with the forex issues, led to the board this week deciding on her departure,” an official familiar with the matter said.
However, there was no comment from Nyika and Lafarge chairman Kumbirai Katsande.
The central bank has not commented on the nature of Lafarge’s violations.
As speculation increased, Lafarge staff claimed they were concerned about the development.
They said after guiding the company during turbulent times, the ex-CEO had performed well, and her departure came as a shock.
“The departure was not a good thing because she was very able and the business was performing very well. If they are to bring a new CEO in two months, according to the boss, let that person be Zimbabwean, or at least an African,” the executive said.