Titi and Du Toit step in as Koseff calls time at Investec
Joint CEOs take over from the founders who led the specialist bank and asset manager for over 40 years
Investec co-founders Stephen Koseff and Bernard Kantor officially stepped down on Monday after leading the specialist banking group and asset manager for over 40 years.
The financial services group announced in February that Koseff, who served as CEO, would be succeeded by chairman Fani Titi and the head of Investec’s asset management business, Hendrik du Toit.
Kantor, the managing director, and Koseff were among the five executives who founded Investec. Kantor has been with Investec since it was established in 1974, and although Koseff only joined on a part-time basis in 1980, he is also recognised as one of the founders and had held the CEO position for 21 years. The two men were instrumental in expanding the group’s presence outside SA and its listing on the London Stock Exchange in 2002.
In their last month at the helm, Investec announced plans to spin off and separately list Investec Asset Management (IAM). Investec said Kantor and Koseff will continue to serve on its board as executive directors and will only step down once the IAM transaction is complete. They will re-join the board as non-executive directors. Glynn Burger is the only one among the founders who will remain as part of Investec’s executive team, serving as the group’s risk and finance director.
The incoming CEOs, Titi and Du Toit, assumed the responsibility of leading the company in April. Their appointment was well received by the market, with the company’s share price increasing by 2.8% on the day of the announcement, even though Business Leadership SA criticised the trend to appoint joint CEOs when black executives ascend to the highest office.
When the company announced the de-merger of IAM last month, the pair was credited for initiating this move. Titi, who has been with Investec for 14 years, has served as chairman since 2014. Du Toit founded IAM in 1991 before stepping down last week to officially take up his new position.
Investec announced other management changes, including the appointment of the longstanding CFO of the IAM business, Kim McFarland, as the executive director of the board.
McFarland will, however, continue as IAM CFO and COO until the de-merger and listing of IAM is finalised.