HARARE — Financial giant CBZ Holdings has announced a major restructuring initiative that will result in the departure of 13 senior executives as the company adapts to a shifting business environment.
The first phase of the restructuring will begin on October 1, 2024, with the executives placed on “garden leave,” a period during which they will remain on the payroll but be barred from working for competitors or themselves.
In a statement released over the weekend, CBZ Holdings Group Chief Executive Officer Lawrence Nyazema confirmed the move, explaining that the restructuring is aimed at aligning the company with evolving market demands and ensuring its long-term sustainability.
“CBZ Holdings, the parent company of CBZ Bank, has initiated a restructuring exercise to adapt to the changing business environment and enhance its market position. As part of this process, 13 senior executives will leave the company next month. The first phase will see these executives departing on October 1, with their contracts set to be mutually terminated by the end of the year,” said Nyazema.
The restructuring will affect CBZ Holdings’ entire group of companies, which include nine subsidiaries: CBZ Bank, CBZ Capital, Datvest, CBZ Life, CBZ Agro-Yield, CBZ Risk Advisory, CBZ Properties, CBZ Insurance, and CBZ Red Sphere Finance. According to the company, the changes are designed to streamline operations, manage costs more effectively, and enhance strategic focus in a rapidly changing market.
“This move is part of our broader efforts to strengthen our market position and ensure long-term sustainability. By streamlining our operations, managing costs effectively, and sharpening our strategic focus, we are better positioned to serve our clients and stakeholders more efficiently,” Nyazema added.
CBZ Holdings, which is listed on the Zimbabwe Stock Exchange (ZSE), reassured its clients that it remains committed to delivering high-quality services despite the changes. The company emphasized that the restructuring will allow it to remain competitive and continue to meet the evolving needs of its market.
The process is expected to conclude by December 31, 2024, when the executives’ contracts will be officially terminated.