CBZ appoints Zembe to lead merger with ZB

FINANCIAL services group CBZ Holdings Limited has appointed business executive Luxon Zembe as the acting board chairperson with effect from December 1 in new changes that will also result in the departure of group CEO Blessing Mudavanhu.

Zembe takes over from Marc Holtzman who has been board chairperson since September 2019.

The business management consultant will oversee the merger of CBZ Holdings, ZB Financial Holdings and First Mutual Holdings (FMHL) to create the biggest financial services group in Zimbabwe.

In a notice, CBZ extolled Zembe’s qualifications and experience saying he was up to the task.

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

The appointment of Zembe as CBZ acting chairman comes three months after he was appointed as ZB Financial Holdings board chairperson.

CBZ Holdings has FMHL in the bag after completing the acquisition of a 31,22% stake in September. The acquisition took its shareholding to 36,22% in FMHL, as it sought to strengthen its balance sheet through mergers and acquisitions.

Mudavanhu is leaving at the end of the month after 5 years at the helm of Zimbabwe’s biggest banking group. CBZ Bank managing director Lawrence Nyazema has been appointed as the acting group CEO, the Zimbabwe Stock Exchange-listed company said in a notice yesterday.

Nyazema previously had a 10-year stint at ZB.-newsday