Source: ZB in massive shake-up – The Zimbabwe Independent
LISTED financial services group, ZB Financial Holdings Limited (ZBFHL) employees were last year forced to re-apply for new positions in the company in order to secure their future following the takeover of the diversified financial institution by an investment firm linked to businessman Kudakwashe Tagwireyi, businessdigest reports.
ZBFHL is now under a new leadership following a swap deal transaction in which the National Social Security Authority (Nssa) disposed of its 37,79% shareholding in ZBFHL in return getting CBZ Holdings shares worth ZWL$640 million (US$7,8 million). Tagwireyi, according to reports, has interests in CBZ Holdings.
The deal was concluded by Exodus Makumbe’s Platinum Investment Managers and the shares are now being held by Datvest Nominees (Pvt) Limited.
As with all transactions that come with takeovers and new ownership, ZB developed a new structure for the bank with employment positions different from the old.
Sources last week told businessdigest that everyone at the bank was made to apply for the new positions that came with the new structure.The new positions had nothing to do with the ones that staff held at that moment, a move which saw some employees failing to qualify for any positions as the transformation exercise took centre stage.
Sources told the businessdigest however that some senior executives resigned out of frustration.
“Yes, everyone was made to reapply for new positions that were made available. They said it was part of the transformation process. How the process worked was that you would apply for a new position in the organisation, not necessarily the one you had.
“There was no guarantee you would keep your old job. So everyone applied. Some senior executives resigned as a result of this. You know when there are management changes a lot of things happen,” the source said.
The source added that it was not yet clear what would happen to those that did not get the jobs they applied for.
“We are not sure if they will retrench the few that didn’t make it but we are sure that there are some who didn’t get the jobs” the source added.
A senior ZBHL executive Brilliant Shumba told businessdigest that the changes implemented were aimed at ensuring the bank had the right people in the right positions.
Shumba dispelled the claims that some executives had resigned.
“The exercise you refer to was shared with the media in our market update for the second quarter of 2022. The exercise ran its course during 2022 as expected. The changes we implemented were aimed at ensuring we have the right people in the right positions.
“This meant some staff members had to be reassigned and the organisation did not retrench any staff. To our knowledge no senior executives or any of our employees resigned as a result of the changes we have implemented,” Shumba said.
Last year ZBFHL embarked on a major rebranding exercise which saw the group adopting a new model that will centralise operations within branches
ZBFHL operates ZB Bank, ZB Building Society, ZB Life Assurance, ZB Reinsurance, ZB Capital and ZB Transfer Secretaries, among other units.