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Investec's Stephen Koseff, Bernard Kantor to step down

Feb 06 2018 10:23
Jan Cronje

Cape Town - Investec CEO Stephen Koseff and the group's managing director Bernard Kantor are set to step down from their roles on October 1 this year, as the financial services group announced its "next generation of leadership". 

In a market announcement on Tuesday morning, the Investec said the move was part of the group's succession plan to move from its founding members to new leaders. 

After stepping down from their leadership roles on October 1, Koseff and Kantor will continue to serve as executive directors until March 31 2019.

On April 1 2019 they will become non-executive directors.

Investec group risk and finance director Glynn Burger, meanwhile, is set to retire in late March 2019. Investec said he would then become a non-executive director on certain subsidiary and associate boards.

New leadership 

A joint leadership team of Fani Titi and Hendrik du Toit will become Investec's CEO designates on April 1 2018, subject to regulatory approval.

"On October 1 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," said Investec. 

Titi has been a non-executive director on the Investec group board since early 2004, and chairperson of the group since November 2011.

Du Toit is the founding CEO of Investec Asset Management, and has been an executive director of the group since December 2010.

Kim McFarland, the chief operating officer and chief financial officer of Investec
Asset Management since December 1993, will take over as the group's finance director on 1 April

Investec shares were trading at R88.23 at 10:00 on the JSE, down 3.12% on the day. 

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