looks like that stalk is dying. The powdery white spots may be fungus but the mushy black spots appear necrotic.. dead..
my advice. stop watering it.
my first zz plant is only about 3 years with me, so i'm no expert.
I repotted it this spring for the first time when it went outside. every stem died over the next 6 weeks. i didn't water it, but it did get more rain than it wanted and with the new slightly larger pot it just wasn't drying out, and they NEED to dry out.
mine had 8 stems, every leaf on all but the newest stem died, stems shriveled, and I thought it was doomed.
good news is zz plants have some sort of rhizome/corm near the surface, so even when they appear dead, they may not be. around 1st week in July I moved it to a sunnier spot under a roof to keep the rain out and haven't watered since. look at all my new growth! I have new sprouts coming up out of the ground all over this pot. the soil is dry as far as I can reach with my index finger and I'm still not watering it. This plant gets watered less than any other plant I own. i water my succulents, jade echiveria, tender sedums, etc 3-4 times as often as this. This may be due to high humidity provided by the other potted plants clustered around it, or just typical summer humidity...
usually I water more when plants are actively growing due to long days, bright outdoor light, and high temps but this guy hated that.
now I treat it almost like a fake houseplant, lol.
I will start watering again, but much less, maybe once every 3-4 weeks when it comes inside for winter, but the average humidity in my house in winter is usually in the low teens. as long as my outdoor humidity stays above 50-60%, i'm not watering at all. (and def no fertilizers) and it's never been happier.