The UK headquartered South African financial group Investec has announced a number of changes within its board and its executive management team as part of a vast and detailed succession plan.
Investec group’s chief executive officer Stephen Koseff and managing director Bernard Kantor, having been with Investec for almost 40 years, will relinquish from their respective roles on 1 October 2018.
“From that date until 31 March 2019 they will continue to serve as executive directors and be available to provide support and advice to the incoming executives. As from 1 April 2019 they will become non-executive directors,” Investec said in a statement.
Glynn Burger, Investec’s risk and finance director, will retire on 31 March 2019. He will become a non-executive director on certain subsidiary and associate boards. The firm said he will assist the new management team if required.
Fani Titi and Hendrick Du Toit appointed joint CEOs, Crosthwaite new chairman of Investec in October 2018.
In the light of these forthcoming changes and subject to regulatory approval, Investec’s board has announced the group’s chairman Fani Titi and Investec Asset Management’s CEO Hendrik du Toit will be appointed as CEO Designates on 1 April 2018.
They will become joint CEOs of Investec on 1 October 2018, jointly responsible for the leadership and management of the group. Du Toit will retain his position as CEO of Investec AM until 30 September 2018 “to support an orderly transition in this business”.
Titi has been a non-executive director on the Investec group board since January 2004 and chairman of the group since November 2011 while Du Toit is the founding CEO of Investec AM and an executive director of the group since December 2010.
Titi will step down as group chairman on 31 March 2018. Perry Crosthwaite will succeed him in this role on 1 April 2018. Crosthwaite has been a non-executive director of the board since June 2010.
John Green and Mimi Ferrini named further joint CEOs of Investec AM
Also subject to regulatory approval,John Green and Domenico Ferrini – also known as “Mimi” – will become deputy CEOs of Investec Asset Management on 1 April 2018 and from 1 October 2018, joint CEOs of the business.
Kim McFarland, chief operating officer and chief financial officer of Investec AM since December 1993, will take over as group finance director on 1 April 2019. She will become an executive director of the Investec Group Board and retain her duties as COO and CFO of Investec AM until 31 March 2019.
Other appointments announced include Ciaran Whelan as director of risk, succeeding Burger on 1 April 2018. Whelan, who will be appointed as executive director of Investec group board next April, is currently joint global head of the Specialist Bank and global head of Private Banking. He will step down from these positions on 31 March 2019.
New Investec Bank chairmen designed
David van der Walt and Richard Wainwright remain CEOs of Investec Bank plc and Investec Bank Limited, respectively. van Der Walt will remain joint global head of the Specialist Bank together with Richard Wainwright who will replace Ciaran Whelan in this role as of 1 April 2018.
Steve Elliott remains global head of Investec Wealth & Investment and Nishlan Samujh, the Investec group’s CFO.
Investec’s new chairman Perry Crosthwaite will step down as chairman of the remuneration committee with Philip Hourquebie assuming the position on 1 April 2018 and Zarina Bassa will be appointed as the group’s senior independent non-executive director on 1 April 2018.
Lastly, Khumo Shuenyane and Brian Stevenson will become chairmen of Investec Bank Limited and of Investec Bank plc on 1 April 2018, both succeeding Fani Titi.
Stephen Koseff, current Investec’s CEO, said:”When we joined Investec almost 40 years ago we aspired to develop a leading financial services group focused on our clients’ needs. We have worked with most of our senior management team for over 20 years and we are very proud of what we have accomplished as a team.
“The group is well placed to take advantage of the opportunities that lie ahead and we know that under the new executive leadership team Investec will continue to go from strength to strength. We are confident that the complementary skills of the new Joint CEOs and their deep existing knowledge of Investec put us in an excellent position to continue the strong momentum at the group. We look forward to serving as non-executive directors on the board.”
Bernard Kantor, managing director, commented: “The board has given detailed consideration to succession for Investec and we believe this plan will ensure a smooth transition and continuity for our shareholders, clients and employees. The board and the new executive management team remain committed to growing our three core businesses in our core geographies. They are dedicated to upholding our culture, philosophies and values that are embodied in our brand, and our “out of the ordinary” promise to our staff, our clients, the communities in which we operate, our shareholders and all other stakeholders.”
Fani Titi and Hendrik du Toit, newly appointed joint CEO Designates said: “On behalf of the board, we would like to thank Stephen, Bernard and Glynn for their long standing commitment and invaluable contribution to the development of the group. Under their stewardship, Investec has grown from its origins as a small finance company founded in South Africa in 1974 into an international specialist bank and asset manager, entrusted with more than £150bn of clients’ funds and more than £50bn of on-balance sheet assets. We look forward to working with them and benefitting from their experience and expertise during the transition and thereafter.”