Having been together for almost 40 years, the trio are recognised as founding members of the Investec Group.
Koseff and Kantor will continue to serve as executive directors until 31 March 2019 and thereafter will become non-executive directors. Burger will also become non-executive director but on certain subsidiary and associate boards.
Fani Titi, non-executive director since January 2004 and chairman since November 2011, will take over as a CEO designate on 1 April 2018. This will be alongside Hendrik du Toit, founding CEO of Investec’s asset management (AM) and executive director since December 2010. The two will become joint CEOs on 1 October 2018.
The firm confirmed that du Toit will remain Investec AM’s CEO until 30 September 2018, after which John Green and Mimi Ferrini will become joint CEOs. In the meantime, as of 1 April, the two will be deputy CEOs.
Likewise, Investec’s global head of private banking Ciaran Whelan, will succeed Burger as director of risk from 1 April 2019.
Koseff said: “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.”
Additionally, Perry Crosthwaite, senior independent non-executive director, will become chairman of the group on 1 April 2018.
Crosthwaite said: “I am delighted to have been appointed as chairman of the group and would like to thank Stephen, Bernard, Glynn and Fani for their dedicated service to the board.
“As a dual listed international specialist bank and asset manager, the board believes that Fani Titi and Hendrik du Toit will provide the continuity of relationships, deep understanding and skills required across the geographies, business sectors and regulatory environments in which we operate to lead the group going forward.”
Elsewhere, Kim McFarland, chief operating officer (COO) and chief financial officer (CFO) of Investec AM since December 1993, has been promoted to take over as group finance director on 1 April 2019. She will also become an executive director of the board.
Farland will continue her duties as COO and CFO of Investec AM until 31 March 2019.
The firm said the changes were a part of the group’s orderly succession plan to move from founding members to the next generation of leadership.
