CBZ Holdings, which runs CBZ Bank, says it has launched a massive restructuring exercise across the group which will see the removal of 13 executives next month to realign it with evolving business environment and to strengthen its market position.
The first phase will result in the departure of 13 senior financial executives from 1 October ahead of mutual termination of their contracts by end of year.
CBZ chief executive Lawrence Nyazema said in a statement:”CBZ Holdings is embarking on a restructuring exercise across its group of companies,aimed at aligning the Group’s strategic thrust with the evolving businessenvironment. This move is part of our broader efforts to strengthen our marketposition and ensure long-term sustainability in our dynamic market.
“The first phase of the process is at the executive level, resulting in the departure ofthirteen (13) senior executives. The executives will go on garden leave starting 1October 2024, with mutual termination of their contracts expected by 31 December2024.
“CBZ Holdings remains fully committed to fulfilling its obligations and delivering thehigh-quality service our customers have come to expect. By streamlining ouroperations, managing costs effectively, and sharpening our strategic focus, we are better positioned to serve our clients and stakeholders more efficiently. We are committed to continually improving our business processes and adapting to the changing needs of the market to ensure continued growth and success.”
