Business Reporter
CBZ Holdings has embarked on a massive restructuring exercise that will result in 13 senior executives exiting the company.
As a result, the initial phase of the process will involve sending the top employees on “garden leave” starting October 1, 2024.
Garden leave is a transition period for employees who give or are given notice of termination, keeping them on the payroll but away from the workplace. Under the leave, employees are prohibited from working for the competition or themselves.
CBZ Holdings group chief executive officer, Lawrence Nyazema made the announcement in a statement at the weekend.
“CBZ Holdings, the parent company of CBZ Bank, has initiated a restructuring exercise to adapt to the changing business environment and enhance its market position.
“As part of this process, 13 senior executives will leave the company next month. The first phase of the restructuring will see these executives departing on October 1, with their contracts set to be mutually terminated by the end of the year,” Nyazema said.
The financial giant said it is embarking on a restructuring exercise across its group of companies, aimed at aligning the group’s strategic thrust with the evolving business environment.
“This move is part of our broader efforts to strengthen our market position and ensure long-term sustainability in our dynamic market.
“The first phase of the process is at the executive level, resulting in the departure of thirteen (13) senior executives.
“The executives will go on garden leave starting 1 October 2024, with mutual termination of their contracts expected by 31 December 2024.”
CBZ Holdings says it remains fully committed to fulfilling its obligations and delivering high-quality service expected by its clients.
“By streamlining our operations, managing costs effectively, and sharpening our strategic focus, we are better positioned to serve our clients and stakeholders more efficiently.
“We are committed to continually improving our business processes and adapting to the changing needs of the market to ensure continued growth and success,” added the group CEO.
