Business

CBZ hives off two directors in shock move

Published

2 years ago

December 13, 2023

DISTINGUISHED banker Marc Holtzman’s sudden departure as board chairperson at the Commercial Bank of Zimbabwe (CBZ) Holdings has rattled the market and sparked speculation that he was pushed out.

Holtzman, who once served as board chairperson at the Bank of Kigali (Rwanda), was head-hunted in 2019 to steer efforts to grow the financial institution’s balance sheet and attract foreign capital.

In a notice to shareholders this week, CBZ announced the departure of Holtzman and chief executive officer Blessing Mudavanhu.

The shock departures come at a time CBZ has assumed a controlling stake in ZB Financial Holdings (ZBFH) in a transaction that strategically positions the financial behemoth to drive national development projects.

As part of its growth and expansionary drive, CBZ has already concluded a 31,22% purchase in First Mutual Holdings Limited (FMHL) from the former majority shareholder, the National Social Security Authority (Nssa), which once held 65,53% shareholding in FMHL.

However, in the statement, CBZ did not give specific reasons explaining why Holtzman and Mudavanhu were leaving the financial institution, triggering speculation in the market that the former “could have been pushed out”, by shareholders.

The financial institution’s group executive marketing and corporate affairs, Matilda Nyathi, later told the Independent that Holtzman had left CBZ to pursue “other interests”, having played “a significant role in supporting the Zimbabwean economy”.

Through the astute leadership of Holtzman, Nyathi said, the outgoing banker was able to unlock lines of international credit.

“Holtzman retired to pursue other interests as was advised by our notice. (He) demonstrated exceptional leadership and made significant contributions to the Holdings’ growth … whilst also playing a significant role in supporting the Zimbabwean economy.

“Marc Holtzman’s appointment, coupled with his strategic initiatives, brought about significant changes to the group’s performance. Firstly, he adopted a comprehensive approach to reach out to foreign investors. The bank has over the period raised international lines of credit.”

In the statement, CBZ noted that the institution would continue to leverage on the solid professional relationships built by Holtzman during his tenure.

“Whilst the board and management will miss Marc’s insights and wisdom, the company will continue to benefit from the many relationships that he built over the years with key stakeholders,” excerpts from CBZ statement to its shareholders read.

A source close to the developments said: “All this happened because of a fight for control of the institution by some shareholders”.

Holtzman will be replaced by ZBFH board chairperson Luxon Zembe, who also has a long-standing history in the banking field.

Questions sent to Holtzman on his mobile phone were not addressed at the time of going to print. His mobile phone was also not available.

The Independent wanted to understand the reasons why he is leaving CBZ at a time the entity is about to tie up the ZBFH takeover deal and what his next adventure would be.

A brief history of Holtzman shows that he once served as the vice-chairperson of Barclays Plc, a British multinational universal bank and executive of Kazakhstan’s largest private bank.

In 2021, Holtzman was part of the delegation that travelled with President Emmerson Mnangagwa to South Africa for the Inter Africa Trade Fair held in Durban.

Holtzman’s web of international connections extends to Washington DC, where he served under President Ronald Reagan’s administration.

Under his watch, the US Treasury cleared CBZ of a US$385 million penalty for processing transactions for a designated entity, ZB Bank.

When the hefty penalty was imposed, the Office of Foreign Assets Control (Ofac) indicated that CBZ had perpetrated numerous violations of US sanctions on Zimbabwe.

Concerning Mudavanhu’s closing chapter at CBZ Holdings, having been at the helm for five years, the executive told the Independent he was leaving because his contract with the financial institution had expired.

Away from the banking world, Mudavanhu said his next adventure would be focused in the field of academia at the University of Cape Town and Witwatersrand University in neighbouring South Africa.

He explained: “I have a five-year contract which expires this year. This gives me an opportunity to do other things such as research and teaching specifically at the University of Cape Town and Witwatersrand.

“My most (outstanding) achievement has been the rebranding of CBZ, which ushered in a new company with new ambitions leading into the acquisition of a large insurance company,” Mudavanhu said.

“The revamping and commercialisation of command agriculture and now the digital transformation are (among) some of my key achievements in my five-year tenure.”

Mudavanhu, whose name has been thrown in the hat among candidates tipped to take over as Reserve Bank of Zimbabwe governor when the tenure of incumbent John Mangudya ends, highlighted that he will be “happy” to take up a position where he can contribute meaningfully.

Mangudya is serving his last term as central bank chief, which ends next year.

“I have not been approached on any opportunities outside CBZ and will be happy to consider opportunities where I can make meaningful contributions,” Mudavanhu said.

Lawrence Nyazema will replace Mudavanhu as group chief executive officer at CBZ.

Business

Meet World’s Richest Family Who live In $478m House, Own 700 Cars

Published

1 year ago

May 2, 2024

The Business Diary

Meet World’s Richest Family Who live In $478m House, Own 700 Cars

According to The Jerusalem Post, the Nahyan royal family of the United Arab Emirates is a dominant corporate and political force in the Gulf area, as well as one of the world’s wealthiest families.

Their net worth is greater than the combined wealth of Microsoft founder Bill Gates and Amazon founder Jeff Bezos.

Sheikh Mohammed bin Zayed Al Nahyan, the head of the Nahyan family, is the UAE’s President and the ruler of Abu Dhabi.

He has 18 brothers, 11 sisters, nine children, and eighteen grandchildren. All of the family members reside together in the “Qasr Al-Watan,” a massive edifice spanning 380,000 square meters and valued at $478 million.

The family’s real estate holdings comprises opulent houses and developments both in the UAE and abroad.

They own eight aircraft, including one Airbus A320-200 and three Boeing 787-9s. Sheikh Mohammed’s personal collection includes a $478 million Boeing 747 and a $176 million Boeing 787.

In addition, they have three of the world’s largest yachts.

Their car collection is nothing short of astounding. According to reports, their vehicles are split out over four museums in the UAE and Morocco. The family owns more than 700 cars, including Ferraris and Lamborghinis.

The family owns 81% of the City Football Group, which includes football clubs like Manchester City, Mumbai City, Melbourne City, and New York City.

Business

Want to work at Meta? Average salary package in Mark Zuckerberg’s company is…

Published

1 year ago

May 2, 2024

The Business Diary

Want to work at Meta. Average salary package in Mark Zuckerberg's company is

Big companies often get highlighted for the huge compensations that they offer and the perks one gets while working for them. Meta’s average package is a whopping $379,000, according to a recent SEC filing. The company, which employs around 67,000 people, said that its median employee made over $379,000 in the year 2023.

Meta’s CEO Mark Zuckerberg testifies during the Senate Judiciary Committee hearing at the US Capitol, in Washington, US. (Reuters)

The average pay for a tech position falls between $35,000 to $120,000 depending on the role, but Meta’s pay is significantly higher than that. However, giants like Google and Amazon offer packages that go well above $300,000 for similar positions.

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Also, higher-level software engineers and researchers in Meta make more in base pay than product designers and user experience professionals in the company.

What Mark Zuckerberg said on working at Meta?

CEO Mark Zuckerberg said earlier this year that working at Meta is not easy even if it offers such lucrative packages. He said that the year 2024 will be the “year of efficiency” in the company as he expects employees to maximize output and productivity.

How much does Mark Zuckerberg earn?

In the year 2023, Mark Zuckerberg noted a total compensation of $24.4 million in ‘other compensation,’ and a base salary of $1. According to Fortune, this covered his costs related to his private jet. His wealth has increased by over $47 billion this year alone, despite receiving a nominal salary of $1 since 2013.

As per reports, the company’s net profit in the January to March period rose to $12.4 billion with total revenue up by 27 percent, at $36.5 billion.

The company wrote in a filing, “We believe that Mr. Zuckerberg’s role puts him in a unique position: he is synonymous with Meta and, as a result, negative sentiment regarding our company is directly associated with, and often transferred to, Mr. Zuckerberg. Mr. Zuckerberg is one of the most-recognized executives in the world, in large part as a result of the size of our user base and our continued exposure to global media, legislative, and regulatory attention.”

Business

Egypt’s Richest Man, Nassef Sawiris’ Wealth Surges by $410M in Just over a Week.

Published

1 year ago

April 30, 2024

The Business Diary

Nassef Sawiris, chief executive officer of Orascom Construction, speaks during a television interview at Bloomberg headquarters in New York, New York, on Wednesday, Sept. 5, 2012. Photographer: Stephen Yang/Bloomberg News

Egyptian billionaire Nassef Sawiris, the richest individual in his home nation and one of Africa’s most powerful businessmen, has seen his fortune increase by $410 million in just nine days. This strengthens his position atop the continent’s wealth pyramid and moves him up the worldwide rich list.

Sawiris’ net worth increased from $8.27 billion on April 16 to $8.68 billion as reported by the Bloomberg Billionaires Index, which analyzes the fortunes of the world’s 500 wealthiest individuals. This works out to an amazing average daily gain of $45.56 million.

The wealth increase reverses prior losses and brings Sawiris’ year-to-date gains to $271 million. This is primarily due to the performance of his investments in the Dutch fertilizer firm OCI N.V. and the German apparel brand Adidas. Sawiris owns 38.8 percent of OCI and 6% of adidas.

Adidas’ share price has risen 11.51 percent since April 16, from €202.50 ($217.03) to €225.80 ($242). This spike pushed the company’s market capitalization beyond $40 billion, increasing Sawiris’ ownership by an estimated $266.63 million. His stake in OCI has also increased by $35 million, reaching $2.17 billion from $2.13 billion. Sawiris’ surprising leap propels him nine ranks up the Bloomberg Billionaires Index, from 300th to 291st.

Adidas’ recent increases have boosted market confidence in its 2023 success. Despite ending its partnership with Kanye West’s Yeezy brand in October 2022, Adidas topped expectations with a €268-million ($292 million) operating profit, exceeding projections by roughly €1 billion ($1.08 billion).

Adidas is looking for fresh collaborations following the Yeezy split. CEO Bjorn Gulden hinted about possible collaborations with pop culture luminaries, including Taylor Swift as a candidate.

Furthermore, a significant coup for the corporation is Liverpool Football Club’s forthcoming transfer from Nike to Adidas uniforms beginning in the 2025-2026 season, securing a lucrative five-year contract gained after Adidas outbid Nike and Puma.