Luxon Zembe to lead CBZ merger with ZB

CBZ Holdings Limited today announced that is has appointed business executive Luxon Zembe as the acting board chairperson with effect from December 1 taking over from Marc Holtzman who has been board chairperson since September 2019.

The new changed will result in group CEO Blessing Mudavanhu leaving the company at the end of the month.

Mudavanhu is leaving at the end of the month after five years at the helm of Zimbabwe’s biggest banking group. CBZ Bank managing director Lawrence Nyazema has been appointed as the acting group CEO, the Zimbabwe Stock Exchange-listed company said in a notice.

Luxon-Zembe

Zembe is expected  to oversee the merger of CBZ Holdings, ZB Financial Holdings and First Mutual Holdings (FMHL) to create the biggest financial services group in Zimbabwe.

In a notice, CBZ extolled Zembe’s qualifications and experience saying he was up to the task.

“With his vast corporate experience, Luxon is adequately positioned to provide leadership in driving to completion the corporate actions currently underway in the company,” CBZ said.

The appointment of Zembe as CBZ acting chairman comes three months after he was appointed as ZB Financial Holdings board chairperson.

CBZ Holdings has FMHL in the bag after completing the acquisition of a 31,22% stake in September. The acquisition took its shareholding to 36,22% in FMHL, as it sought to strengthen its balance sheet through mergers and acquisitions.