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JOHANNESBURG — It’s the end of an era at Investec as CEO Stephen Koseff together with MD Bernard Kantor are set to step down in October this year. The pair were part of a small team that spent 40 years building the company. Today, Investec is a major South African success story with operations across the globe. Meanwhile, the company is set to appoint two new joint-CEOs. Here is the full update from Bloomberg. – Gareth van Zyl
(Bloomberg) – Investec Plc Chief Executive Officer Stephen Koseff and Managing Director Bernard Kantor will step down in October after 40 years of building a small leasing company in Johannesburg to one managing more than 154 billion pounds ($215 billion) in assets.
Glynn Burger, group risk and finance director and also one of the “founding members” of Investec, will retire at the end of March next year, the Johannesburg- and London-based specialist bank and asset manager said in a statement on Tuesday. Fani Titi, who has been a non-executive director since January 2004 and chairman since November 2011, and Hendrik du Toit, the founding CEO of Investec Asset Management, will be appointed as CEO designates on April 1.
Kim McFarland will take over as finance director in April next year. Ciaran Whelan, who has held various senior positions globally with Investec over the past 30 years, will be appointed to the Investec group’s board as an executive director and will succeed Burger as director of risk, Investec said. During the transition period Koseff, Kantor and Burger “will work closely with the new executive designates to ensure a smooth and orderly transition,” it said.
Koseff, 66, took over as CEO in 1996 after being the No. 2 executive for eight years. He oversaw the bank’s expansion into the U.K. and Australia, helping to drive an almost five-fold gain in the share price in South Africa and more than three-fold in London. From its South African base, Investec widened its business to lending, money management and property, providing private-banking services to high-net-worth clients and offering companies services including lending, structured finance, foreign exchange and advisory support.
“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,” Koseff said in the statement. The joint CEO role is needed to manage what is a complex business with its dual listing, while also spurring racial and gender diversity, he said on a call.
Koseff and Kantor, 68, will remain as non-executive directors. Perry Crosthwaite will become chairman of the group, while Zarina Bassa will be appointed as the group’s senior independent non-executive director. Titi will step down as chairman of Investec Bank Ltd., with Khumo Shuenyane taking over as chairman of Investec Bank Ltd. and Brian Stevenson chairman of Investec Bank Plc. John Green and Mimi Ferrini will become deputy CEOs of Investec Asset Management in April and from October 2018, joint CEOs of the business.
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