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Monday, May 27, 2024

CBZ Holdings undergoes strategic shake-up

Story by ZBC Reporter

A major strategic shake-up at CBZ Holdings Limited will see a veteran of corporate governance and strategic planning Mr Luxon Zembe assuming the chairmanship of the financial institution.

Mr Zembe, according to sources in the financial services sector, will oversee the merger of three financial units to create a billion-dollar financial institution.

CBZ Holdings acquired First Mutual Life Holdings and ZB Financial Holdings Limited and these institutions will create a humongous entity if they merge whose portfolio will be able to attract capital across the world.

Mr Zembe is taking over from Mr Marc Holtzman, who is stepping down as Chairman on the 31st of December.

In a statement gleaned by this publication, CBZ Holdings is grateful for the services over the past four years.

“The board sincerely expresses its gratitude to him for his service over the last four years during which the Company has embarked on a number of corporate actions which will transform into an integrated financial services Group,” reads the statement.

For Mr Zembe, the bank is confident that his experience will steer the institution to greatness.

“With his vast corporate experience, Luxon is adequately positioned to provide leadership in driving to completion the corporate actions currently underway in the company,” reads part of the statement.

CBZ Holdings Group Chief Executive Officer Dr Blessing Mudavanhu has also resigned from the organization with effect from 31 December 2023.

“With over 20 years of experience in regional and international financial services organizations, Dr Mudavanhu was key in driving the Company’s growth strategy headlined by the successful acquisition of a significant shareholding in a leading, publicly listed insurance group.

“His leadership was instrumental in restoring the Company’s brand and reputation, the momentum of which will no doubt continue into the future.”

Dr Mudavanhu will be replaced by Mr Lawrence Nyazema as Acting Group Chief Executive Officer.

“Mr Nyazema is currently the Managing Director of CBZ Bank Limited, a position he took up on 1 January 2022 having joined CBZ Bank as Executive Director, Wholesale Banking in January 2020.”

The shake-up is expected to pave the way for the creation of a huge financial institution with the capacity to fund capital projects in the country.

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