Nyemudzo takes over as CBZ CEO

Published: 04 April 2014

CBZ Holdings Limited has appointed Mr Never Nyemudzo to the position of group chief executive effective May 1 2014 after outgoing CEO Dr John Mangudya was elevated to take charge at the central bank.Dr Mangudya, will start his term of office as Reserve Bank of Zimbabwe Governor from May 1 2014, the same day the former CBZ Holdings chief finance officer will take charge of the group.

The outgoing CEO made the announcement in a memo to staff, pointing out that his appointment to the helm of the central bank had also necessitated management changes at the group.

Mr Colin Chimutsa has been appointed to the position of group chief finance officer from executive director Mortgage Finance.

Mr Mike Mudondo is now executive director Treasury, Corporate and Investment Banking from divisional director Treasury.

Mr Casper Chibanga has been re-assigned to the position of divisional director Mortgage Finance from divisional director Corporate and Merchant Banking.

As he starts a new career at RBZ Dr Mangudya will have Dr Charity Dhliwayo and Dr Kupukile Mlambo as his deputy governors until the expiry of their terms on April 30, 2017. Dr Dhliwayo acted since the expiry of Dr Gideon Gono's term of office.

Finance and Economic Development Minister Patrick Chinamasa a fortnight ago said he looked forward to Dr Mangudya's contribution as central bank governor adding he believed in his “discretionary fiscal and monetary policies”.

Dr Mangudya is an economist and has been at the helm of one of the country's best performing commercial banks since 2012.

He holds Bachelor of Science and Master of Science in Economics degrees from the University of Zimbabwe and a Doctorate in Business Administration from Washington International University.

He began his career in 1986 as an economist with the Reserve Bank until 1996 when he joined the African Export-Import Bank as regional manager in charge of Southern Africa.

He joined CBZ Bank Limited at the turn of the millennium as general manager for international banking and then rose through the ranks, becoming executive director (corporate and merchant banking) in 2004 and managing director in 2006 before his appointment as chief executive in 2009.

Dr Mangudya took over from Mr Nyasha Makuvise as group chief executive. The group has grown and consolidated its position in the financial sector under his leadership.
- The Herald