Why is Zimbabwean billionaire Strive Masiyiwa stepping down as Econet Chairman, and what's next for him?

Masiyiwa, who celebrated his 61st birthday in January, announced his retirement as chairman and director of Econet at the close of the Zimbabwe Stock Exchange on Friday, February. 25.
Masiyiwa would retain more than 50% stake in Econet Wireless Zimbabwe Limited, the company he listed on the Zimbabwe Stock Exchange in 1998.

Zimbabwe’s richest man and the founder of Econet Wireless Zimbabwe Limited, Strive Masiyiwa, has stepped down from the position of Chairman and Director after 29 years of steering the company. Masiyiwa will retain his more than 50% stake in the company he listed on the Zimbabwe Stock Exchange in 1998.

The news of Masiyiwa’s retirement was disclosed in a press statement issued by the Zimbabwean telecom company at the close of the Zimbabwe Stock Exchange on Friday, Feb 25, 2022. The Zimbabwean billionaire retired from his company as the wealthiest black person in all of Southern Africa with a net worth of $3.3 billion, surpassing South African billionaire Patrice Motsepe, according to Forbes.

A statement from the press release reads, “The Board of Directors of Econet Wireless Zimbabwe Limited would like to announce that Mr Strive Masiyiwa has retired from the Board with effect from 1 February 2022.”

“It is through his leadership, dedication and perseverance that the Company has grown to become one of Zimbabwe’s largest and most successful businesses,” the company said.

What Masiyiwa plans to explore now

Since the announcement of Strive Masiyiwa’s stepping down as Chairman surfaced online, the billionaire entrepreneur is expected to focus on his philanthropy that has changed the lives of so many in Zimbabwe and across Africa. Masiyiwa also sits on the boards of Netflix and the Bill and Melinda Gates Foundation. He is also the AU’s special envoy on Covid-19 and oversees the AU’s Covid-19 task force that secures coronavirus vaccines for the continent.