Zembe sacked at CBZ

HARARE - Luxon Zembe has been ousted as CBZ Holdings Limited (CBZ) chairman in a development possibly related to the fallout of the Premier Service Medical Aid Society (Psmas) salaries debacle.

As the business consultant and corporate governance guru was outed as having earned a significant amount of cash in board fees, the listed financial group has probably moved to forestall any reputational risk, contagion effect and tough questions at key company meetings.

“CBZ Holdings… announces the retirement of… Luxon Zembe from the position of board chairman as well as… the boards of CBZ Bank Limited,” the group said in a surprise notice yesterday, adding his retirement was with effect from February 10.

In the circumstances, a further announcement on Zembe’s successor would be made in due course.

As part of the Psmas board, the Harare businessman’s continued stay at CBZ was potentially untenable since the medical aid funder has been engulfed in a major salaries scandal.

Comments (20)

This is very good news for once.Trash belongs to the bin and I believe all rubbish should be discarded this way.

Tapson - 11 February 2014

the false corporate governance guru. wolf in sheep skin

good job - 11 February 2014

Stop referring to Zembe as a business consultant and corporate governance guru. If he indeed was, the rot at PSMAS would not have happened. He was professionally compromised and he accepted to be part of the looters. Loser

george dube - 11 February 2014

Mbavha dzeshe kumusha or kujeri.....guru we Corporate governance and iye asina business kana Kombi zvayo.....This NCCI ndiyo yakamupa kasimba kekusura ari Zembe

Clemence Tashaya - 11 February 2014

Luxon Zembe is supposed to have many qualifications in management, business and corporate governance. Otherwise he wouldn't be referred to as a guru. But what I want to remind Zimbabweans is that at independence in 1980, our cabinet was probably the most educated in the world, on paper that is, for with very few exceptions, all ministers and their deputies were holders of university degrees. It appears to me that back then it was assumed educated men and women would automatically have the wisdom, moral uprightness, be ethical in all respects and above all work for the elevation of the generality of Zimbabweans but that was not to be. They looted and continue to loot.

Kudzidza Maningi - 11 February 2014

And why then would anyone dare question why the fortunes of CBZ continue to grow in leaps and bounds? They read the mood of their stake holders rather well!

gutter poet - 11 February 2014

Good. People should reap what they saw. If you step on a thorn, u should be pricked. That way you and others will learn kuti munzwa unobaya.

WeDande - 12 February 2014

Shame on those who have chosen to make their bellies their gods, you still have time to repent.

Muprofita - 12 February 2014

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Bambo - 12 February 2014

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cartridgegallery - 12 February 2014

Retiring Luxon Zembe as chairman of CBZ was a good, quick and decisive decision by the bank. I was just about to close my account with CBZ fearing that the bank may become insolvent through the abuse of money by the board led by Zembe.Now that the bank has forced him out, I will keep my confidence with the bank.If he did it at PSMAS, he can do the same thing anywhere else.In order to protect their businesses and retain the confidence of their customers, all companies with Zembe as one of the board members must relieve him of his duties.Take ny advice.

Ignatius - 12 February 2014

Thumbs up to CBZ for the quick response, contagion effect was going to catch up with you soon. This guy cannot be referred to as a corporate governance guru, more like a corporate thief to me.

Lucky - 12 February 2014

huyai kwandiri imi mose makaremerwa neMari ndinokuturai mutoro uyu.

mashotopiyana - 12 February 2014

Good riddance, and thumbs up for the bank, such is the kind of swift action required whenever someone is involved in corrupt activities.

CBZ customer - 12 February 2014

Ko vaMuzenda naMai Mujuru vanga vane madegree eyi nhai Maningi?

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Irrrigation Matters - 13 February 2014

I saw it coming.

Exponenzo - 13 February 2014

I did point out the other day that CBZ is a very corrupt institution and my comment seems to have been deleted. Mr Editor please don't try to protect some institutions at the expense of others. Let us expose all the rot for the benefit of our country.

Chipikiri - 13 February 2014

l am surprised kuti a Corporate Governance guru ai gurunura ma company like that

gurunura - 14 February 2014

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