Legat Steps Down After 27 Years, Imara Appoints Sibanda as CEO
Imara Asset Management Zimbabwe is undergoing a strategic leadership transition, with John Legat, its founding chief executive officer, set to retire on June 30, 2025, after 27 years of service.
His tenure saw Imara evolve from a boutique advisory firm into a major asset management powerhouse, pioneering financial transactions and expanding its regional footprint.
To ensure continuity and stability, Legat will remain a non-executive director and consultant, providing strategic guidance while stepping away from daily operations.
Shelton Sibanda, a CFA charter-holder, will assume the role of CEO from July 1, bringing 16 years of experience within Imara and a strong track record in investment leadership.
His tenure as chief investment officer since 2022 has been instrumental in growing institutional and pension fund assets, surpassing US$335 million by March 2022.
Legat’s leadership was marked by high-profile deals and financial innovation.
Under his guidance, Imara advised on over 42 capital-raising transactions valued at more than US$2.5 billion, including the Honde Hydro Power bonds, structured to attract institutional investors with Prescribed Asset Status.
Beyond Zimbabwe, Legat positioned Imara as a regional asset management leader, securing a 25 percent stake in Stockbrokers Zambia and founding Imara ECR Asset Management, regulated under Zambia’s Pensions & Insurance Authority.
In 2017, he played a pivotal role in Barclays Plc’s divestment from Barclays Bank of Zimbabwe, a deal that reshaped Zimbabwe’s financial sector.
According to the Herald, one of Legat’s most transformative moves came in 2024 with the acquisition of Kura Capital, integrating the Kura Africa Fund and expanding Imara’s assets under management to over US$200 million.
The acquisition strengthened Imara’s pan-African presence, a legacy that Sibanda is expected to build upon.
Imara acknowledged Legat’s exceptional contributions while expressing confidence in Sibanda’s leadership.
“John’s tenure has been transformative, and we wish him the best in retirement. Shelton’s leadership promises continued growth, and we look forward to his vision guiding the firm forward,” the company stated.
