Published: 12 February 2014

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.
- dailynews

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