CBZ deputy CEO, Agro-yield COO to leave CBZ in big exec rationalisation
HARARE – Zimbabwe’s largest bank, CBZ Holdings is undergoing restructuring and rationalisation of its operations, in an exercise which has resulted in the departure of 13 executives.
The move is part of broader efforts to strengthen the market position and ensure long term sustainability in a dynamic market, according to CEO Lawrence Nyazema.
In a statement, Nyazema said the first phase of the restructuring process is at the executive level – the 13 executives. The group has 30 executives. The 13 executives will go on garden leave starting October 1, 2024 with mutual termination of their contracts expected by December 31, 2024.
“By streamlining operations, managing costs effectively, and sharpening our strategic focus, we are positioned to serve our clients and stakeholders more efficiently,” said Nyazema.
FinX understands that the majority of the executives were near retirement, others were retrenched through restructuring of the business and some of them had five year contracts which had lapsed but not renewed.
Some of the notable names of the executives include deputy CEO Jack Smith, Agro-Yield COO Simba Mhungu, Dedrey Mutimutema (retail banking), Hasmon Bvumburai (Properties MD), long serving corporate banking executive Richard Mangi, Clemence Chimwanda (group chief risk officer) and Bruce Jonker (internal audit).
The group has also amalgamated some of the clusters, with properties now joined to CBZ Capital.
The wave of restructuring and rationalisation is cutting across most companies at the moment in particular in financial services. First Capital has also undergone a management shake-up involving senior executives.-finx
