The Investec group’s founders and top three top executives will retire in October, with their successors designated by the company.
Chief executive officer Stephen Koseff, managing director Bernard Kantor and risk and finance director Glynn Burger, who have been working in the group for almost 40 years, will step down on October 1.
Koseff and Kantor will serve as executive directors until March 31, 2019, to provide guidance to incoming executives, before becoming non-executive directors. Burger will instead retire on the same day.
Fani Titi, non-executive director since 2004 and chairman since 2011, and Hendrik du Toit, chief executive of the asset management division and group executive director since 2010, will become joint executive officers this October, after a period as designates. Titi will be succeeded as chairman of the board by Perry Crosthwait, and as chairman of Investec bank jointly by Khumo Shuenyane and Brian Stevenson.
Kim McFarland, chief operating and chief financial officer of Investec Asset Management since 1993, will become group finance director, as well as non-executive director, on April 1, 2019.
Ciaran Whelan, currently global joint head of specialist banking and global head of private banking, will succeed Burger as director of risk in April 2019.
Koseff 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 chief executive officers 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.”
Kantor said: “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.“
Titi and Toit 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.”
Crosthwaite said: “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.”