Investec has appointed Fani Titi and Hendrik du Toit as its new co-CEOs as part of its succession plan to move from founding members to the next generation of leadership.

Titi and du Toit will replace the group’s three founding managers Stephen Koseff, Bernard Kantor, and Glynn Burger.

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“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,” Koseff said.

“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,” Koseff added.

Titi has been serving as Investec chairman since November 2011, while du Toit has been serving as the CEO of Investec Asset Management since December 2010.

The pair will become CEO designates on 1 April 2018 and serve as joint CEOs from 1 October 2018.

Titi will step down as chairman on 31 March 2018 and will be replaced by the group’s senior independent non-executive director Perry Crosthwaite. du Toit will continue to serve as Investec Asset Management CEO till 30 September 2018 to support an orderly transition.

Koseff currently serves as the group CEO and Kantor as the group managing director. Both will step down from their roles on 1 October 2018.

Burger, currently the group’s risk and finance director, will retire on 31 March 2019. The role will now be split between Kim McFarland, who will become the new group finance director, and Ciaran Whelan, who will become the director of risk.

McFarland currently serves as the COO and CFO of Investec Asset Management, while Whelan is the global joint head of the specialist bank and global head of private banking. The duo will take up the new responsibilities on 1 April 2019.

Between 1 October 2018 and 31 March 2019, Koseff and Kantor will continue to serve as executive directors and from 1 April 2019 will serve as non-executive directors. Burger will become a non-executive director on 31 March 2019.