Thirteen CBZ Holdings executives have been placed on garden leave as part of a phased restructuring exercise.
Group chief executive Mr Lawrence Nyazema said in a
statement that the first phase of the restructuring process was at the
executive level, which resulted in the departure of 13 senior personnel.
“The executives will go on garden leave starting October 1,
2024, with mutual termination of their contracts expected by December 31,
2024,” he disclosed.
Transactions executed by the group recently include the
acquisition of First Mutual Holdings (FMHL), which CBZ believes would achieve
scale to compete against larger corporations in Zimbabwe and the region.
According to Mr Nyazema, CBZ Holdings remains fully
committed to fulfilling its obligations and delivering high-quality service to
customers.
“By streamlining our operations, managing costs
effectively, and sharpening our strategic focus, we are better positioned to
serve our clients and stakeholders more efficiently,” he said.
He added that the group was committed to continually
improving its business processes and adapting to the changing needs of the
market to ensure continued growth and success.
The affected executives include deputy chief executive
investments Jack Smith, group chief risk officer Clemence Chimwanda, chief
legal officer Vogt Melanie, chief internal audit officer Jonker Bruce, group
chief information officer Bansal Ashish, and Ruredzo Benlaw, business
development executive digital.
Others are Dedrey Mutimutema (divisional director retail
banking), Chenai Chiketsani (divisional director mortgage finance), Paul
Chimudzi (divisional director business banking), Edward Mombo (divisional
director bank operations), Richard Mangi (investment banking executive),
Simbarashe Mhungu (chief operating officer Agro Yield), and Hasmon Bvumburai
(general manager CBZ properties).
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