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Investec Group to overhaul top management in generational shift

Three of Investec Group's "founding members" will step down and hand over to what the company called the next generation of leadership.

CEO Stephen Koseff and Managing Director Bernard Kantor will step down Oct. 1, 2018. remaining executive directors until March 31, 2019, and becoming nonexecutive directors the next day. During the period from October to March, they will be available to support and advise the new executive team.

Fani Titi and Hendrik du Toit were named CEO-designates, effective April 1, 2018, and will become joint CEOs Oct. 1 2018. Du Toit will continue as CEO of Investec Asset Management Ltd. until Sept. 30, 2018, to ensure a smooth transition, while Titi will step down as group chairman March 31, 2018,.

Senior independent nonexecutive director Perry Crosthwaite will take over as chairman April 1.

Glynn Burger, group risk and finance director, will retire March 31, 2019. He will serve thereafter as a nonexecutive director on various subsidiary and associate boards of the group and be available to the new management to assist in any capacity.

Kim McFarland will become group finance director and a group executive director April 1, 2019, while Ciaran Whelan will become director of risk the same day. Whelan will join the group board as an executive director April 1, 2018.

McFarland will continue as COO and CFO of Investec Asset Management, roles she has held since 1993, and Whelan will continue as global head of private banking, both until March 31, 2019. Whelan will be replaced as global joint head of the group's specialist bank by Richard Wainwright on April 1, 2018.

Wainwright will head the business with David van der Walt. Wainwright and Van der Walt are CEOs of Investec Bank Ltd. and Investec Bank Plc, respectively.

In addition to standing down as group chairman, Titi will step down as chairman of the two banking units, also March 31, 2018. Khumo Shuenyane will chair Investec Bank Ltd., and Brian Stevenson will chair Investec Bank Plc.

Zarina Bassa will be named senior independent nonexecutive director of Investec Group's board, effective April 1, 2018.

John Green and Mimi Ferrini will become deputy CEOs of Investec Asset Management effective April 1, 2018, and begin serving as joint CEOs, replacing du Toit, from Oct. 1, 2018.

Steve Elliott and Nishlan Samujh, will continue as global head of Investec Wealth & Investment and as group CFO, respectively.

Investec Group is listed in London through Investec Plc and in South Africa through Investec Ltd.