CBZ Announces Departure Of Chair Marc Holtzman And CEO Blessing Mudavanhu

CBZ Holdings Limited, a financial services company in Zimbabwe, has announced the retirement of its Chairman, Marc Holtzman, and Group Chief Executive Officer, Blessing Mudavanhu. Marc Holtzman’s retirement will be effective from December 31, 2023, while Blessing Mudavanhu’s retirement will also take effect on the same date.

In statements seen by Pindula News, the company expressed gratitude to Marc Holtzman for his service and leadership during his tenure. Said the company:

The Board of Directors (“the Board) of CBZ Holdings Limited (“the Company”) announces that Mr. Marc Holtzman, a Non-Executive Director of the Company, has tendered notice of his retirement as a Director of the Company and from the position of Chairman of the Board of Directors with effect from 31 December 2023. A transitional arrangement has been put in place and this has allowed Mr Holtzman to proceed to take leave from 1 December 2023.

Luxon Zembe has been appointed as the Acting Chairman, effective from December 1, 2023. Luxon Zembe brings extensive experience in business management consulting and corporate governance. Said the company:

Luxon is a highly experienced business management consultant with over 30 years of expertise in Corporate Governance and Strategic Planning across various sectors. His financial sector experience includes serving on the Reserve Bank of Zimbabwe Advisory Board and Monetary Policy Committees, as well as holding executive positions at Standard Chartered Bank. Luxon has also held senior roles in manufacturing, mining, and retail sectors. He currently runs a management consulting business.

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Luxon holds an MBA degree from Henley International Business School and is a Chartered Fellow of the Chartered Institute of Personnel Development (CIPD) (UK), among other qualifications. In addition to his professional roles, he is involved in academic and consultancy work, serving as an adjunct lecturer at Solusi University and Zimbabwe Defense University, and as a senior consultant, mentor, and trainer for the Zimbabwe Institute of Directors. With his vast corporate experience, Luxon is adequately positioned to provide leadership in driving to completion the corporate actions currently underway in the Company.

On Mudavanhu’s retirement, CBZ said:

The Board of Directors of CBZ Holdings Limited (“the Company”) wish to announce that after five years of distinguished service, Dr. Blessing Mudavanhu will be retiring from his position as Group Chief Executive Officer for the Company with the effect from 31 December 2023. A transitional arrangement has been put in place and this has allowed Dr Mudavanhu to proceed to take leave from 1 December 2023.

With over 20 years of experience in regional and intemational financial services organizations, Blessing was key in driving the Company’s growth strategy headlined by the successful acquisition of a significant shareholding in a leading, publicly listed insurance group. His leadership was instrumental in restoring the Company’s brand and reputation, the momentum of which will no doubt continue into the future.

The company has since appointed Lawrence Nyazema, the current Managing Director of CBZ Bank Limited, as the Acting Group Chief Executive Officer starting from December 1, 2023. The company said:

The Board wishes to advise of the appointment of Mr. Lawrence Nyazema to the position of Acting Group Chief Executive Officer of CBZ Holdings Limited with effect from 1 December 2023. Lawrence is currently the Managing Director of CBZ Bank Limited, a position he took up on 1 January 2022 having joined CBZ Bank as Executive Director – Wholesale Banking in January 2020.

Prior to that he spent 19 years with Barclays Bank (now First Capital Bank) in various capacities including being Commercial Director from 1 April 2011 to January 2020 when he joined CBZ Bank. He also spent 10 years at ZB Financial Holdings.

The Board and Management congratulate Lawrence on his appointment and wish him all the best in his new role.

Holtzman and Mudavanhu’s departure comes shortly after CBZ expanded with a recent acquisition of First Mutual Holdings Limited (FML) and the planned takeover of ZB. Under the deal, the National Social Security Authority (NSSA) sold part of its 66% stake in FML to CBZ in exchange for cash and 9% of CBZ stock. 

The NSSA holds the highest ownership stake in CBZ, with a share of 24.91%. Akribos Wealth Managers Nominees is the second-largest shareholder, owning 23.10% of the company. The Government of Zimbabwe is the third-largest shareholder, with a stake of 19.34%. These shareholders play a significant role in the governance and decision-making of CBZ Holdings.

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