Hendrik du Toit, founding CEO of Investec Asset Management, is to become co-CEO of the wider Investec Group from 1 October 2018, as John Green and Mimi Ferrini step up to become joint-CEOs of the asset management business.
Subject to regulatory approval, Investec Group has announced a series of management changes this morning as part of a succession plan initially announced in November 2015.
A statement said Stephen Koseff, chief executive officer of the Investec Group, Bernard Kantor, managing director, and Glynn Burger, risk and finance director, are considered to be part of the founding members of Investec and have been part of the senior management team for almost 40 years.
Koseff and Kantor will step down from their roles on 1 October, becoming executive directors until 31 March 2019 and then they will become non-executive directors. Burger will retire on 31 March 2018 but will become non-executive director for certain subsidiaries.
As a result, Hendrik du Toit, the founding CEO of Investec Asset Management and an executive director of the group since December 2010, and 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, will be appointed as CEO Designates on 1 April 2018.
On 1 October 2018 they will become joint CEOs of the group - du Toit will remain CEO of Investec AM until 30 September 2018 to "ensure an orderly transition in this business", a statement said.
Meanwhile, John Green, global head of client for the asset management business, and Mimi Ferrini, co-CIO, will become deputy CEOs of Investec AM on 1 April 2018 and from 1 October 2018, they will be appointed joint CEOs of the business.
In addition, Kim McFarland, chief operating officer (COO) and chief financial officer (CFO) of Investec AM since December 1993, will take over as group finance director on 1 April 2019.
Elsewhere, Steve Elliott remains global head of the group's wealth arm Investec Wealth & Investment and Perry Crosthwaite will be appointed chairman of the group.
In its closing remarks the statement said: "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, added: "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."
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 £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."
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