Investec PLC (INVP.LN) said Tuesday that Chief Executive Stephen Koseff and Managing Director Bernard Kantor will step down on Oct. 1, when it will appoint Fani Titi and Hendrik du Toit as joint CEOs in a board reshuffle.
The specialist bank and asset manager also said that Risk and Finance Director Glynn Burger will retire on March 31, 2019. Kim McFarland, currently chief operating officer and chief financial officer of the bank's asset-management division, will take over as finance director on April 1, 2019, Investec said. The company said Ciaran Whelan, currently global joint head of the specialist bank and global head of private banking, will assume the role of director of risk on April 1, 2019.
Mr. Titi, chairman of the group since November 2011, and Mr. Du Toit, the founding CEO of Investec's asset-management unit, will become CEO designates on April 1 and will fully assume their new roles on Oct. 1, the company said.
After stepping down in October, Mr. Koseff and Mr. Kantor will remain with the board as executive directors until March 31, 2019, to support and advise the incoming executives, Investec said. From April 1, 2019, they will become non-executive directors.
Shares at 0842 GMT were down 1.11% at 532.4 pence, while the FTSE 250 was down 2.17%