As reported by ZimLive, despite consistently reporting profits, Zimpapers has faced major financial challenges, with salaries often paid late.

The company’s pension fund collapsed, forcing management to sell properties to compensate workers.

Zimpapers has also struggled with a decline in newspaper circulation, currency losses, and falling advertising revenues.

Amid increasing pressure from the Ministry of Information, the Zimpapers board decided to send CEO Pikirayi Deketeke, finance director Farai Matanhire, and marketing executive Tapuwa Mandimutsira on leave.

The move is expected to lead to their eventual departure from the company.

The executives will be allowed to serve out the remainder of their contracts during the leave period—Deketeke’s contract ends in April, Matanhire’s in June, and Mandimutsira’s in August. A Zimpapers insider commented on the situation:

The company was headed for a huge iceberg, the thing was going to crash anytime and the board had to bite the bullet.

Zimpapers will not fire the trio because that would cost the company a lot of money in compensating them, so their contracts will run their course but they will be home in the meantime.

Veteran journalist William Chikoto, a former senior editorial executive, has been appointed acting CEO with a mandate to drive a new digital strategy as the company looks to undergo a significant shift in direction.

The board has reportedly initiated an audit in response to ongoing allegations of financial impropriety, particularly within the marketing division previously led by Tapuwa Mandimutsira.