CBZ Holdings completes restructuring, 347 jobs lost
CBZ Holdings has announced the completion of the second phase of its restructuring process, which saw 347 employees being retrenched. The move is designed to better align the group’s strategic direction with the evolving business landscape. The restructuring exercise concluded on 31 January 2025.
This follows a phased restructuring last year, which resulted in 13 executives being placed on garden leave. The executives included deputy chief executive for 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 for digital.
Others affected included 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).
In a statement dated February 1, 2025, group chief executive, Mr Lawrence Nyazema, emphasised the financial institution’s commitment to strengthening the organisation for the future while continuing to provide excellent service to stakeholders.
“In October 2024, we undertook a restructuring exercise across our Group of Companies to better align our strategic direction with the evolving business landscape. This initiative has been a key component of our broader efforts to enhance operational efficiency, strengthen our market position, and ensure long-term sustainability.
“By adapting to the changing environment, we aim to position the organisation for continued growth and success in a competitive market. We can confirm that we have now concluded the restructuring exercise as of January 31, 2025. As part of the process, a total of 347 staff roles were impacted in the second phase of the restructuring, out of a total staff complement of 1 448,” Mr Nyazema said.
The staff rationalisation comes as CBZ has been actively pursuing potential acquisitions and alliances in local and regional markets that align with the group’s strategic growth goals.
CBZ Holdings is one of Zimbabwe’s largest financial services conglomerates, with subsidiaries in banking, insurance, investments, wealth management, mortgages, and retail finance.
In recent years, the group has pursued acquisitions and mergers as part of its broader efforts to strengthen its market position and ensure long-term sustainability in a dynamic market.
However, a proposed acquisition of additional shares in First Mutual Holdings (FML) via a mandatory offer fell through following a ruling by the Competitions and Tariff Commission (CTC).
On December 9, 2024, the CTC determined that CBZ Holdings must retain its 31,22 percent stake in FML, consistent with the commission’s initial approval.-chroncile
