CBZ announces leadership changes as company embarks on expansion drive

HARARE – CBZ Holdings, Zimbabwe’s largest bank, has announced the departure of chairman Marc Holtzman and CEO Blessing Mudavanhu at a time when the company is embarking on an aggressive expansion strategy.

Holtzman, who became chairman of CBZ in 2019, is retiring on December 31, 2023.

He is credited with guiding the financial institution through a period of rapid expansion, which included the acquisition of a 36 percent stake in First Mutual Holdings Limited (FML) and the planned takeover of ZB Financial Holdings.

“Marc served with distinction and showed strong leadership as he steered the Company and Group on a clear growth trajectory,” said the CBZ board in a statement.

“The Board sincerely expresses its gratitude to him for his service over the past four years during which the Company has embarked on a number of corporate actions which will transform it into an integrated financial services Group.”

Luxon Zembe has been appointed as acting chairman, effective December 1, 2023.

Zembe is a seasoned business management consultant with over 30 years of experience in Corporate Governance and Strategic Planning.

He has held executive positions at Standard Chartered Bank and served on the Reserve Bank of Zimbabwe Advisory Board and Monetary Policy Committees.

“Luxon is a highly experienced business management consultant with over 30 years of expertise in Corporate Governance and Strategic Planning across various sectors,” said the CBZ board.

“His financial sector experience includes serving on the Reserve Bank of Zimbabwe Advisory Board and Monetary Policy Committees, as well as holding executive positions at Standard Chartered Bank.

“Luxon has also held senior roles in manufacturing, mining, and retail sectors. He currently runs a management consulting business.”

In addition to Holtzman’s departure, CBZ also announced the retirement of CEO Blessing Mudavanhu, effective December 31, 2023.

Mudavanhu joined CBZ in 2018 and played a key role in driving the company’s growth strategy, including the successful acquisition of a significant shareholding in FML.

“With over 20 years of experience in regional and international financial services organizations, Blessing was key in driving the Company’s growth strategy headlined by the successful acquisition of a significant shareholding in a leading, publicly listed insurance group,” said the CBZ board.

“His leadership was instrumental in restoring the Company’s brand and reputation, the momentum of which will no doubt continue into the future.”

Lawrence Nyazema, currently the Managing Director of CBZ Bank Limited, will take over as acting CEO.

“Lawrence is a highly experienced and respected banker with a proven track record of success,” said the CBZ board.

“We are confident that he will provide strong leadership during this transitional period.”

The departures of Holtzman and Mudavanhu come at a pivotal time for CBZ as the company seeks to expand its regional footprint and solidify its position as Zimbabwe’s leading financial institution.

The company’s recent acquisitions of FML and ZB, along with its strong financial performance, have positioned CBZ well for continued growth in the years to come.