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Mr Luxon Zembe said the changes would take effect from April 1 this year. Mr Makuvise, who took over from Dr Gideon Gono in 2006 when he was appointed Governor of the Reserve Bank of Zimbabwe, steered the institution through a challenging period. He managed to diversify the product offering of the group, providing a one-stop shop experience that did not go unnoticed.
Commenting on the group’s solid set of results for the year to December 2011 in Harare yesterday, Mr Zembe paid tribute to the astute leadership qualities of Mr Makuvise, which set the group on a profitability path.
“At our CBZ Holdings meeting on March 23, we deliberated on Mr Makuvise’s request to retire and grudgingly, because of his health issues over the past two months and due to his personal decision, we agreed to his request to leave.”
Mr Makuvise joined the then Commercial Bank of Zimbabwe in October 1995 and served in various capacities including that of CBZ Bank managing director and group chief executive of the holding company. He is credited with steering the bank to be the leading financial institution in Zimbabwe ahead of foreign-owned banks such as Barclays, Stanbic and Standard Chartered Bank.
Dr Mangudya takes over at a time the group has reported US$30,3 million profit after tax driven by a significant increase in income.
Online Reporter