Investec CEO Stephen Koseff to step down
Investec co-founder and CEO Stephen Koseff will retire this year, followed by the MD and FD.
Stephen Koseff (pictured), co-founder and CEO of Investec, has announced that he will be retiring on 1 October this year, ending a 40-year-long tenure at the company. Also retiring will be Bernard Kantor, MD, and Glynn Burger, FD. The decision is part of the asset management group’s succession plan, which aims to move the company’s leadership from the founding members to a new generation.
Investec has decided to fill the chief executive role with two candidates, who will serve as joint CEOs of the group, and be held jointly accountable and responsible for the leadership and management thereof. They are 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.
Koseff and Kantor will continue to serve as executive directors from the time they step down until 31 March 2019. From 1 April 2019 onwards, they will become non-executive directors.
In other news, Kim McFarland, current COO and CFO at Investec Asset Management, will take over as group finance director on 1 April 2019.