Wrap Text
Board changes and management succession
Investec Limited Investec plc
Incorporated in the Republic of South Africa Incorporated in England and Wales
Registration number 1925/002833/06 Registration number 3633621
JSE share code: INL LSE share code: INVP
NSX share code: IVD JSE share code: INP
BSE share code: INVESTEC ISIN: GB00B17BBQ50
ISIN: ZAE000081949
Investec Bank Limited
Incorporated in the Republic of South Africa
Registration number 1969/004763/06
JSE share code: INLP
ISIN: ZAE000048393
Investec (“the Group”, comprising Investec Limited and Investec plc) – Board changes
and management succession
6 February 2018
Overview
Succession of the Group’s long-serving executive management team has been an ongoing
focus area for the Board with the Group’s initial announcement in this regard made in November
2015. Since that date, the Board has implemented a number of processes to ensure an orderly
management succession process. Leadership and talent development remain high priority
areas for the Board and management of Investec.
Investec Limited and Investec plc Board - executive director changes
Stephen Koseff (Chief Executive Officer (“CEO”) of the Investec Group), Bernard Kantor
(Managing Director of the Investec Group) and 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
Group to becoming an internationally recognised specialist bank and asset manager.
As part of the Group’s orderly succession plan to move from founding members to the next
generation of leadership, Stephen Koseff and Bernard 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.
Glynn Burger, Group Risk and Finance Director, will retire on 31 March 2019. Glynn will become
a non-executive director on certain subsidiary and associate boards, and he remains available
and willing to assist in any capacity that the new management team require him for.
Subject to regulatory approval, the Board announces the following appointments.
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. Hendrik will remain CEO of Investec Asset
Management until 30 September 2018 to ensure an orderly transition in this business.
Kim McFarland, Chief Operating Officer (“COO”) and Chief Financial Officer (“CFO”) of Investec
Asset Management since December 1993, will take over as Group Finance Director on 1 April
2019. Kim will become an executive director of the Investec Group Board on that date. Kim will
continue with her duties as COO and CFO of Investec Asset Management until 31 March 2019
to support an orderly transition in this business.
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. Ciaran will succeed Glynn Burger as Director of Risk on 1 April 2019. Ciaran
remains the Global Head of the Private Bank until 31 March 2019.
During the transition period Stephen, Bernard and Glynn will work closely with the new
executive designates to ensure a smooth and orderly transition.
Investec Limited and Investec plc Board - non-executive director changes
Subject to regulatory approval, the Board announces the following appointments.
Fani 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. Philip 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
April 2018. Zarina was appointed as a non-executive director of the Board in November 2014.
Chairman of Investec Bank Limited and Investec Bank plc
Subject to regulatory approval, the Board announces the following appointments.
Fani Titi will step down as Chairman of Investec Bank Limited on 1 April 2018, with Khumo
Shuenyane assuming this position. Khumo has been a director of Investec Bank Limited since
August 2014.
Fani Titi will step down as Chairman of Investec Bank plc on 1 April 2018, with Brian Stevenson
assuming this position. Brian has been a director of Investec Bank plc since September 2016.
Global divisional management
Subject to regulatory approval, the Board announces the following appointments.
John Green and Mimi Ferrini will become Deputy CEOs of Investec Asset Management on 1
April 2018 and from 1 October 2018, Joint CEOs of the business.
David van der Walt and Richard Wainwright remain CEOs of Investec Bank plc and Investec
Bank Limited, respectively. David van Der Walt will remain Joint Global Head of the Specialist
Bank together with Richard Wainwright who will replace Ciaran Whelan in this role as of 1 April
2018.
Steve Elliott remains Global Head of Investec Wealth & Investment.
Nishlan Samujh, the current Group CFO, will remain in his role
Closing remarks
The Board would like to thank Stephen, Bernard and Glynn for their exemplary service,
dedication and commitment to the Group since the 1980s. The Board looks forward to Stephen
and Bernard’s continued contribution as non-executive directors. The Group will continue to
benefit from their deep industry experience and intimate knowledge of Investec.
The Board congratulates the new executive team on their appointments. The Board is confident
that Fani and Hendrik, 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.
Stephen Koseff, CEO 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 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.”
Bernard Kantor, Managing Director 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.”
Fani Titi and Hendrik du Toit, newly appointed Joint CEO Designates 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
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.”
Perry Crosthwaite, newly appointed Chairman of the Group 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.”
For further information please contact:
Investec Investor Relations
investorrelations@investec.com
Tel: +27 (11) 286 7070 or +44 (207) 597 5546
Conference call details:
A conference call will be held at 9:30 (SA time) / 7:30 (UK time). Details are provided below.
Participants should ask to join the “Investec call”. Playback facilities will also be available as
detailed below.
Live conference call numbers:
Johannesburg (Telkom): 010 201 6800
South Africa (Toll Free): 0 800 200 648
Johannesburg (Neotel): 011 535 3600
Other Countries (Telkom): +27 10 201 6800
Other Countries (Neotel): +27 11 535 3600
UK: 0 333 300 1418
Playback facility numbers:
Available 1 hour after the end of the live conference call. Participants will be required to state
their name and company upon entering the call.
South Africa: 010 500 4108
UK: 0 203 608 8021
Australia: 073 911 1378
USA: 1 412 317 0088
International:+27 10 500 4108
Replay Access Code: 10818
Biographies
Fani Titi
Fani Titi has been a member of the boards of Investec Limited and Investec plc since January
2004 and has been non-executive chairman of Investec Limited and Investec plc from
November 2011. He has also been a member of the Investec Bank Limited board from July
2002, and has chaired its board from June 2007. He has been a member of the Investec Bank
plc board from August 2011, and its chairman from August 2014. He has served on the board of
Investec Asset Management from November 2013.
Fani was a founding member of the private investment group Kagiso Trust Investments Limited
(now Kagiso Tiso Holdings), and later cofounded and led the public offering of Kagiso Media
Limited on the JSE Limited as its CEO. Fani was subsequently the founding executive chairman
of the private investment firm the Tiso Group, which subsequently merged with Kagiso Trust
Investments to form Kagiso Tiso Holdings. Fani stepped down from the Tiso Group in 2008 to
concentrate his time on his duties at the Investec Group, while also looking after his private
investment portfolio. Fani has over two decades of investment banking experience, and has sat
on the boards of different investee companies and JSE listed companies.
Fani holds an MBA from the Wits Business School, and a MA degree in Mathematics from the
University of California at Berkeley. He also holds a BSc (cum laude) and BSc Hons (cum
laude) in Mathematics from the University of Fort Hare. Fani is 55 years old.
Hendrik du Toit
Hendrik du Toit is CEO at Investec Asset Management and an executive director of Investec plc
and Investec Limited (since December 2010). Hendrik joined the Investec Group in 1991 as
founding member of Investec Asset Management. Under his stewardship, Investec Asset
Management grew from a small South African start-up to an international specialist asset
management firm entrusted with well in excess of GBP100 billion of client assets.
Hendrik has served on the Leadership Council of the Sustainable Development Solutions
Network, a global initiative for the United Nations since 2014. In 2016 he became a
Commissioner on the Business and Sustainable Development Commission. In 2016 he was
appointed as a non-executive director of Naspers Limited.
Hendrik holds an MPhil in Economics and Politics of Development from Cambridge University,
as well as a MCom in Economics and International Finance (cum laude), BCom in Economics
honours degree (cum laude) and a BCom (Law) from Stellenbosch University. Hendrik is 56
years old.
Perry Crosthwaite
Perry Crosthwaite worked in the City for over 30 years as a partner of Henderson Crosthwaite
Limited; a founding director of Henderson Crosthwaite Institutional Brokers; and then Chairman
of Investec Investment Banking and Securities. He joined the Board of the Investec Group in
2010. Perry has been the Group’s Senior Independent Director since August 2014 and
Chairman of the Group Remuneration Committee since December 2013. Perry also serves on
the Nominations and Directors Affairs Committee of the Group. Perry is the Chairman of
Investec Holdings (Ireland) Limited and a director of Investec Bank plc. Previous directorships
include Melrose Industries plc, Jupiter Green Investment Trust, ToLuna plc and the CIDA
Foundation. Perry holds a MA (Hons) in modern languages from Oxford University.
About Investec
Investec is an international specialist bank and asset manager that provides a diverse range of
financial products and services to a select client base in three principal markets – the UK and
Europe, South Africa and Asia/Australia as well as certain other countries. The Group was
established in 1974 and currently has approximately 9 900 employees.
Investec focuses on delivering distinctive profitable solutions for its clients in three core areas of
activity namely, Asset Management, Wealth & Investment and Specialist Banking.
In July 2002 the Investec Group implemented a dual listed company structure with listings on
the London and Johannesburg Stock Exchanges. The combined Group's current market
capitalisation is approximately GBP5.4 billion.
Johannesburg, 6 February 2018
Sponsor: Investec Bank Limited
Date: 06/02/2018 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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