Investec confirms leadership shake-up as founders step down

Investec appoints co-CEOs as three of its founding members will step down in October this year.

Three of Investec’s founding members will step down from their roles as of October this year after almost 40 years with the South African bank and asset manager.

Chief executive officer Stephen Koseff, managing director Bernard Kantor, and risk and finance director Glynn Burger, are considered founding members of Investec having steered the group since the 1980s.

A statement from Investec explained Koseff and Kantor will serve as executive directors as of April 2019, continuing to provide support and advice to incoming executives.

Burger will retire on 31 March 2019, but will assume the role of non-executive director on certain subsidiary and associate boards.

“When we joined Investec almost 40 years ago we aspired to develop a leading financial services group focused on our clients’ needs,” Koseff said. “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.”

Fani Titi and Hendrick du Toit have been appointed co-CEOs and will become jointly responsible for the leadership and management of Investec from October 2018.

“The board is confident that Fani and Hendrick, together with senior management, will continue to grow and build Investec’s core businesses and deliver the right outcomes for the group’s clients and stakeholders,” Investec said in the statement.

Titi has been a non-executive director on the Investec Group board since January 2004 and chairman of the group since November 2011. Toit is the founding CEO of Investec Asset Management and will remain in this position until 30 September 2018 to oversee the transition period.

The current chief operating officer and chief financial officer of Investec Asset Management, Kim McFarland, is to take over as group finance director as part of the leadership reshuffle from April 2019.

The statement concluded with comment from the newly appointed joint CEOs, which 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 £150 billion of clients’ funds and more than £50 billion of on-balance sheet assets.”