Investec Wealth and Investment (IW&I) has said that its long-standing chief executive Jonathan Wragg has stepped down after spending the last decade in his current role.
The company’s former group COO Ciaran Whelan will succeed Wragg, who worked for the wealth manager for nearly two decades.
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By GlobalDataIW&I said that the new CEO will work together with the outgoing CEO through a transition period to 30 June.
Wragg’s stint with Investec started in 2005 when he held the position of a finance director at Rensburg Sheppards, which was partly owned by Investec.
Wragg was named as the CEO of Investec Wealth and Investment after Rensburg Sheppards was fully acquired by Investec in 2010.
Investec group chief executive Fani Titi said: “We wish to thank Jonathan for his dedication and commitment to Investec Wealth and Investment, a business whose name and reputation stand strong in our industry.
“We appreciate the work Jonathan has done in helping build the franchise, which has benefited from his calm and meticulous approach.”
Whelan is already part of Investec Group’s board as an executive director.
Before being elevated to the role of group COO, he held roles of group director of risk and global head of the company’s private bank.
Titi added: “Ciaran will bring more than three decades of experience in our organisation in senior roles. We give Ciaran, in his new role, all of our encouragement and support.”
