Change of guard is getting the nod

CAPE TOWN – Investec yesterday announced further changes to its board, appointing Perry Crosthwaite as non-executive chairperson of Investec Plc and Investec Ltd.

The company said Crosth- waite would take over from joint chief executive designate Fani Titi, who was appointed in February to steer the company together with Investec Asset Management executive director Hendrik du Toit.

The group also named Khumo Shuenyane as the non-executive chairperson of Investec Bank to succeed Bradley Tapnack, who is stepping down after 21 years as the bank’s executive director.

The appointments come in the wake of chief executive Stephen Koseff and managing director Bernard Kantor announcing that they would be leaving Investec at the end of October.

Cratos Capital senior analyst Ron Klipin said the company had grown into a large diversified business, and management changes would contribute positively to its fortunes.

“Changing of the guard and two fresh pairs of eyes could be positive given the new joint-chief executive structure, which still needs to prove itself. The company maintains a strong brand with the benefits of being geographically diversified,” Klipin said.

He added that the group had sound depth in management expertise and should continue to build on the operations, but “overall results were disappointing”. 

– BUSINESS REPORT