Staff Reporter

CBZ Holdings has initiated a significant restructuring effort, eliminating 13 executive positions as part of a broader strategy to strengthen its market position and ensure long-term sustainability in Zimbabwe’s dynamic business environment.

The move, announced by Group Chief Executive Officer Lawrence Nyazema, follows a comprehensive review of the company’s strategic direction.

“This move is part of our broader efforts to strengthen our market position and ensure long-term sustainability in our dynamic market,” Nyazema stated in a press release yesterday.

The affected executives will begin their garden leave on October 1, 2024, with their contracts expected to be mutually terminated by December 31, 2024.

Despite these high-level changes, CBZ remains committed to maintaining its reputation as one of Zimbabwe’s top financial institutions, ensuring uninterrupted service to clients.

“We recognize the importance of continuing to meet the needs of our clients and stakeholders during this transition. By streamlining our operations and focusing on core efficiencies, we can ensure a smoother process that benefits all parties involved,” Nyazema added.

Nyazema emphasized that the restructuring is a proactive measure to better position CBZ for future growth and success in an ever-evolving market.

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

Cost management is also a key focus in the restructuring plan, with Nyazema noting, “Managing costs effectively is a critical aspect of this exercise. This will allow us to, not only stay competitive, but also enhance our ability to serve clients more efficiently.”

CBZ Holdings, a prominent player in Zimbabwe’s financial sector, hopes that these strategic adjustments will reinforce its leadership position while enhancing adaptability in the face of business challenges.