In an interview with NewsDay CBZ Holdings (CBZH) chief executive officer Never Nyemudzo responded to claims that he was forced to retire following concerns raised by the National Social Security Authority (NSSA) over bad corporate governance practices. NSSA raised concerns after it emerged that CBZH was paying then board chairman Elliot Mugamu perks equal to those paid to executive directors.
Nyemudzo said that he was retiring voluntarily to look after his children. Said Nyemudzo:
I wanted to rest. This is a highest speed lane when you are leading such an institution, so you end up thinking of resting. I have been there since 2008, so this is year number 10 at CBZ, so it is not a short time. I am resting and taking care of the children.