Investec has appointed two co-CEOs to take over from top management

London

South African bank Investec, which has a weighty presence in the City, has become the latest institution to appoint co-chief executives as its "founding members" prepare to hand over to the next generation.

Fani Titi, former non-executive director and chairman of Investec, and Hendrik du Toit, an executive director and the founding chief executive of the bank's asset management branch, will take over the CEO role at the start of April. They will become official co-CEOs in October.

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They will be filling the shoes of chief executive Stephen Koseff, managing director Bernard Kantor and risk and finance director Glynn Burger, who have led the group for almost 40 years.

Koseff and Kantor will step down this October, while Burger will retire in March 2019.

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

"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."

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Perry Crosthwaite, a non-executive director, will take Titi's place as chairman of the Investec Group while John Green and Mimi Ferrini will become co-chief executives of Investec Asset Management to replace du Toit.

Kim McFarland, who has been chief operating officer and chief financial officer of Investec Asset Management since December 1993, will take over as group finance director. Ciaran Whelan will take Burger's risk role.

Investec's shares were up 3.34 per cent at the time of writing, to 556.4p.

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Full story: Investec has appointed two co-CEOs to take over from top management: City A.M.

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