Thirteen executives at CBZ Holdings have been placed on temporary leave as part of a gradual restructuring process.
The first phase of the restructuring was at the executive level, resulting in the departure of 13 senior staff, group chief executive Lawrence Nyazima said in a statement.
“The executives will take garden leave from October 1, 2024, with their contracts mutually terminated by December 31, 2024,” he explained.
Recent transactions by the group include the acquisition of First Mutual Holdings (FMHL), which CBZ believes will bring it to scale to compete with larger companies in Zimbabwe and the region.
According to Mr. Nyazema, CBZ Holdings remains fully committed to fulfilling its obligations and providing quality services to customers.
“By streamlining our operations, managing costs effectively and strengthening our strategic focus, we are better positioned to serve our customers and shareholders more efficiently,” he added.
He added that the group is committed to continuously improving its business operations and adapting to changing market needs to ensure continued growth and success.
The affected executives include executive vice president of investments Jack Smith, group chief risk officer Clemence Chimwanda, chief legal officer Vogt Melanie, head of internal audit Junker Bross, group chief information officer Bansal Ashish, and Rodrigo Pinlau, executive director of digital business development.
Other members include Deidre Mutimutima (Regional Head of Retail Banking), Chennai Chiketsane (Regional Head of Mortgage Finance), Paul Chimodzi (Regional Head of Commercial Banking), Edward Mombo (Regional Head of Banking Operations), Richard Manji (Executive Director of Investment Banking), Simbarashe Mungo (Executive Director of Operations, Agro Yield) and Hasmon Bfumburai (General Manager, CBZ Properties).
