Brainworks Limited has appointed Zimbabwean, Peter Saungweme, as its interim chief executive officer.

Saungweme takes over from Brett Childs.

The Mauritius based firm, which was established in 2011, has interests in the hotel and real estate sector in Zimbabwe, and holds stakes in African Sun and Dawn Properties.

Childs was largely responsible for the second phase of the company’s development for over two years, and is credited with spearheading a successful restructuring of the group, including its listing on the JSE, after taking over from founding chief executive, George Manyere.

“Following completion of the restructuring which has largely been driven by Bret and management over two and half years, both the board and Brett, believe that the business will further benefit by transitioning to a Zimbabwe-based CEO,” said the Johannesburg Stock Exchange-listed firm.

Saungweme has worked for Brainworks for 4 years, starting as the chief financial officer for its subsidiary, Dawn Properties until March 2017 when he was appointed to the position of chief financial officer for the group.

“He will use his deep understanding of the group’s assets and his knowledge of the local business, political and economic environment in Zimbabwe, to further enhance returns from the re-focussed portfolio,” said Brainworks.

The group added that Childs would continue working for its subsidiary Brainworks Capital as a consultant for six months.

He will also remain on the board of African Sun and Dawn Properties.