Investec Bank Limited: CEO

Investec PLC

21 August 2023

 

Investec Limited Incorporated in the Republic of South Africa Registration number 1925/002833/06 JSE share code: INL JSE Hybrid code: INPR JSE debt code: INLV NSX share code: IVD BSE share code: INVESTEC ISIN: ZAE000081949 LEI: 213800CU7SM6O4UWOZ70

Investec plc Incorporated in England and Wales Registration number 3633621 LSE share code: INVP JSE share code: INP ISIN: GB00B17BBQ50 LEI: 2138007Z3U5GWDN3MY22

As part of the dual listed company structure, Investec plc and Investec Limited notify both the London Stock Exchange and the JSE Limited of matters which are required to be disclosed under the Disclosure Guidance and Transparency Rules, and Listing Rules of the Financial Conduct Authority (the "FCA") and/or the JSE Listings Requirements.

Accordingly, we advise of the following:

INVESTEC BANK LIMITED - CHANGE TO BOARD COMPOSITION

Executive Directors

Investec announces, in accordance with Section 6.39 of the JSE Debt Listings Requirements and receipt of requisite regulatory approvals, the following changes to the Board of Investec Bank Limited:

The Investec Bank Limited Board (the Board) has commenced with the next stage of its approved executive succession plan. We have previously announced that Richard Wainwright will step down from his current role of Chief Executive Officer (CEO) of Investec Bank Limited (IBL) during the course of 2024 and confirmed that a further announcement would be made once Richard's successor has been identified. 

The Board has identified Cumesh Moodliar as the next CEO of IBL.  Cumesh will be appointed as CEO of IBL on 01 April 2024.  Richard will at that time remain an executive of Investec Limited until his planned retirement in 2025.

Cumesh has been with Investec since 2012 in a number of roles including Regional Head of the Private Bank in the Eastern Cape, National Banking Head, Head of the Private Bank and more recently the Head of the Private Client Franchise. 

The Board wishes Cumesh well as he transitions into his new role. 

The appointment of Cumesh was made pursuant to the policy dealing with the nomination of directors to the Board.

Johannesburg and London

21 August 2023

Sponsor:

Investec Bank Limited

 

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