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Bloodbath as six executives leave CBZ

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CBZ Holdings has retired six of its executives as part of what insiders say is an ongoing restructuring program.

The six positions affected are group finance director, microfinance MD, divisional director retail banking, group human resources, MD insurance and group risk and compliance.

This major shakeup is seen affecting investors and depositors’ confidence amid fears stability could be affected after six top managers left the group.

Information at hand suggests lower-level staff has been retired for different reasons in the past few months with indications the exercise is still ongoing.

The development comes after CBZ’s then group CEO never Nyemudzo in 2017 retired in unclear circumstances amid reports that he had been entangled in the diamond ring saga involving former first lady Grace Mugabe and also allegations of bad governance from the National Social Security Authority during his tenure.

The bank is also at the centre of Marry Chiwenga’s externalization storm, where it is alleged the bank transferred US $201 846.81 to a bank account in South Africa on the pretext that Mubaiwa wanted to purchase prepaid meter for consumption in Zimbabwe when in actual fact it was for personal use.

CBZ is among the pioneers of revolutionary banking apps in the country, with its mobile app CBZ touch scooping accolades locally. Last year, CBZ touch was the won the mobile application of the year award.

Nicole Madziwa

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