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Thirteen CBZ Holdings Executives Placed on Garden Leave

As banks adopt more sophisticated technologies, there is a growing need for employees to adapt to new digital tools and processes.

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Thirteen CBZ Holdings Executives Placed on Garden Leave

In a significant move, CBZ Holdings has placed thirteen of its executives on garden leave as part of a phased restructuring exercise. Group Chief Executive, Mr Lawrence Nyazema, announced that the initial phase of this restructuring process targeted the executive level, resulting in the departure of these senior personnel.

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The executives will commence garden leave on 1st October 2024, with mutual termination of their contracts anticipated by 31st December 2024,” Mr Nyazema revealed.

Recent transactions by the group include the acquisition of First Mutual Holdings (FMHL), a strategic move that CBZ believes will enable it to scale up and compete more effectively against larger corporations in Zimbabwe and the region.

Mr Nyazema assured stakeholders that CBZ Holdings remains fully committed to fulfilling its obligations and delivering high-quality service to its customers. He stated:

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By streamlining our operations, managing costs effectively, and sharpening our strategic focus, we are better positioned to serve our clients and stakeholders more efficiently.

He emphasised the group's commitment to continuously improving its business processes and adapting to the evolving market needs to ensure sustained growth and success.

Thirteen CBZ Holdings Executives Placed on Garden Leave

The executives affected by this restructuring include

  1. Deputy Chief Executive Investments Jack Smith,
  2. Group Chief Risk Officer Clemence Chimwanda,
  3. Chief Legal Officer Vogt Melanie,
  4. Chief Internal Audit Officer Jonker Bruce,
  5. Group Chief Information Officer Bansal Ashish,
  6. Business Development Executive Digital Ruredzo Benlaw.
  7. Dedrey Mutimutema (Divisional Director Retail Banking),
  8. Chenai Chiketsani (Divisional Director Mortgage Finance),
  9. Paul Chimudzi (Divisional Director Business Banking),
  10. Edward Mombo (Divisional Director Bank Operations),
  11. Richard Mangi (Investment Banking Executive),
  12. Simbarashe Mhungu (Chief Operating Officer Agro Yield), and
  13. Hasmon Bvumburai (General Manager CBZ Properties).

This is a direct effect of the 4th Industrial Revolution, characterised by technological advancements such as AI, automation, and digitisation in the banking industry. The 4th IR is reshaping job roles, leading to the automation of routine tasks and the creation of new roles that require advanced digital skills.

In the context of CBZ Holdings, the restructuring and streamlining of operations could be seen as a response to these technological changes. As banks adopt more sophisticated technologies, there is a growing need for employees to adapt to new digital tools and processes. This shift often results in the reduction of traditional roles while simultaneously creating opportunities for new, tech-savvy positions.

The banking sector must navigate these changes carefully to balance the benefits of increased efficiency and innovation with the potential challenges of workforce displacement and the need for continuous upskilling.

Bryan

Person for people. Reader of writings. Writer of readings.

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