BDFM MD Malunga resigns

Mzi Malunga‚ the managing director of Business Day Financial Mail Publishers (BDFM) has resigned from his job after he was suspended on Tuesday last week.

The suspension was lifted and the parties decided on a confidential "settlement"‚ BDFM chairman Michael Spicer said in a staff meeting on Friday

"These issues have now been set aside and we have agreed for the two parties not to talk about it."

Spicer could not say what led to the parting of Malunga and BDFM. He said that no one will be appointed to act in the job.

"We agreed on confidentiality. Everything is resolved on that‚" Prince Maluleke the spokesperson of Malunga confirmed.

Malunga is a former financial journalist‚ who has worked for the weekly Mail‚ Drum Magazine‚ Sowetan‚ Financial Mail and Business Day. He has been the MD of BDFM since 2003.

BDFM is the owner of Business Day and Financial Mail. The company is a joint venture between Avusa and UK media group Pearso‚ which owns the Financial Times and 50% of The Economist.