CBZ Holdings offloads 13 senior executives

ZIMBABWE’S largest banking group by assets, CBZ Holdings Limited, has announced plans to lay off 13 senior executives as part of its restructuring drive.

The financial institution says the move is aimed at strengthening its market position and ensuring long-term sustainability in the dynamic market.

The 13 affected executives are expected to go on garden leave from October 1.

In a notice, group chief executive officer, Mr Lawrence Nyazema said:

“CBZ Holdings is embarking on a restructuring exercise across its group of companies aimed at aligning the group’s strategic thrust with the evolving business environment.

“This move is part of our broader efforts to strengthen our market position and ensure long-term sustainability in our dynamic market,” he said.

“The first phase of the process is at the executive level, resulting in the departure of thirteen (13) senior executives.

“The executives will go on garden leave starting October 1, 2024 with mutual termination of their contracts expected by December 31, 2024.”

Mr Nyazema said the financial institution remains fully committed to fulfilling its obligations and delivering high-quality services in line with customer satisfaction.

“By streamlining our operations, managing costs effectively and sharpening our strategic focus, we are better positioned to serve our clients and stakeholders more effectively,” he said.

“We are committed to continually improving our business processes and adapting to the changing needs of the market to ensure continued growth and success.”-chroncile