Zembe takes over as substantive CBZ chair Mr Zembe

Business Reporter

CBZ Holdings has appointed Mr Luxon Zembe as chairman effective April 19, 2024, a position he has occupied in an acting capacity since December 1, 2023.

He takes over from Mr Marc Holtzman, who retired  at the beginning of December last year.

Pursuant to the strategic vision of creating one of the country’s largest financial services groups, Mr Zembe, a renowned banker, strategist and businessman, has been appointed to superintend over the merger of CBZ with ZB Financial Holdings (ZBFH).

“Mr Zembe is a highly experienced business management consultant who has consulted for many reputable private, public and non-governmental organisations locally and regionally over the past 30 years.

“His corporate journey has taken him through practical executive experience in the manufacturing, mining, financial and commercial sectors of the economy.

“This includes serving on the Reserve Bank of Zimbabwe advisory board and monetary policy committees, as well as holding executive positions at Standard Chartered Bank.

“His corporate leadership, moral compass, and integrity have stood the test of time, making him adequately positioned to provide strategic leadership in the company,” CBZ said in a statement.

Mr Zembe was chairman of ZB Financial Holdings from  August 1, 2023, to April 14, 2024.

The proposed merger comes after CBZ Holdings acquired ZB Financial Holdings in                              2020.

The transaction entailed the National Social Security Authority (NSSA) disposing of its 37,79 percent ZBFH) shareholding in exchange for CBZ shares worth $640 million (US$7,8 million).

Mr Zembe will oversee CBZ’s drift towards the agenda of creating a stronger financial services group in the country that can drive and support national development projects both from a private and public sector perspective.

In 2020, NSSA received 14,341 million new shares valued at $640 041 800 in CBZ, being 50 percent payment for the transaction representing a 2,15 percent stake while social security authority pocketed US$11 646 889 in cash for the balance, after factoring in transaction costs.

CBZ Holdings has been actively seeking potential acquisitions and alliances in the local and regional markets that align with the group’s growth strategic goals.

Mr Zembe holds an MBA degree from Henley International Business School and is a Chartered Fellow of the Chartered Institute of Personnel Development (CIPD) (UK), a Fellow of the Institute of Directors, and a Fellow of the Zimbabwe Institute of Management, amongst other qualifications.

He is the past president of the African Chamber of Commerce and the founding vice president of the Pan African Chamber of Commerce and Industry, and he served as an independent non-executive director on the ZB Financial Holdings Board from September 21, 2022 and was appointed chairman on August 1, 2023, and retired from the board on April 12, 2024.


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