Fani Titi who has been a non-executive director on the Investec Group Board since January 2004 and Chairman of the Group since November 2011 and Hendrik du Toit the founding CEO of Investec Asset Management and an Executive Director of the Group since December 2010, have been appointed as CEO Designates on 1 April 2018.
On 1 October 2018 they will become Joint CEOs of the Group and will be held jointly accountable and responsible for the leadership and management of the Investec Group.
Du Toit will remain CEO of Investec Asset Management until 30 September 2018 to ensure an orderly transition in this business.
Titi will step down as Group Chairman on 31 March 2018.
Perry Crosthwaite, the Investec Group’s Senior Independent Non-Executive Director will become Chairman of the Group on 1 April 2018. Perry Crosthwaite was appointed as a Non-Executive Director of the Board in June 2010.
Perry Crosthwaite will step down as Chairman of the Remuneration Committee with Philip Hourquebie assuming the position on 1 April 2018.
He was appointed as a non-executive director of the Board in August 2017.
Zarina Bassa will be appointed as the Group’s Senior Independent Non-Executive Director on 1
Bassa was appointed as a non-executive director of the Board in November 2014.
“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,” says Koseff.
“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,” says Kantor.
“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 GBP150 billion of clients’ funds and more than GBP50 billion of on-balance sheet assets. We look forward to working with them and benefitting from their experience and expertise during the transition and thereafter,” says Titi.
“I am delighted to have been appointed as Chairman of the Group and would like to thank Stephen, Bernard, Glynn and Fani for their dedicated service to the Board. As a dual listed international specialist bank and asset manager, the Board believes that Fani Titi and Hendrik du Toit will provide the continuity of relationships, deep understanding and skills required across the geographies, business sectors and regulatory environments in which we operate to lead the Group going forward,” concludes Crosthwaite.