Investec CEO Stephen Koseff and managing director Bernard Kantor will be stepping down from their positions in October 2018, the asset management group announced on Tuesday.
The move is part of Investec’s succession plan to put fresh leadership in place to move the company forward. It said the “orderly plan” was to move from the founding members, to a next generation of leadership.
Koseff and Kantor will step down from their 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.
Koseff and Kantor, along with Glynn Burger (risk and finance director of the Investec Group) are considered to be part of the “founding members” of Investec and for almost 40 years, together with the board and the group’s senior management team, have steered the company to becoming an internationally recognised specialist bank and asset manager.
Burger will also be retiring from 31 March 2019.
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, will be 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, Investec said.
Current COO and CFO at Investec Asset Management, Kim McFarland, will take over as group finance director on 1 April 2019.
Ciaran Whelan, who has held various senior positions globally with the Investec group over the past 30 years, and who is currently global joint head of the Specialist Bank and Global Head of Private Banking, will be appointed to the Investec Group Board as an executive director on 1 April 2018.
Whelan will succeed Glynn Burger as director of Risk on 1 April 2019. Whelan remains the Global Head of the Private Bank until 31 March 2019.