Investec Board Changes and Management Succession

RNS Number : 4298C

Investec PLC

01 October 2018

 

Investec Limited Incorporated in the Republic of South Africa Registration number 1925/002833/06       JSE share code: INL NSX share code: IVD BSE share code: INVESTEC ISIN: ZAE000081949

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

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 the Listing Rules of the United Kingdom Listing Authority (the "UKLA") and/or the JSE Listing Requirements.

Accordingly we advise of the following:

Investec ("the Group", comprising of Investec Limited and Investec plc)

Board changes and management succession

1 October 2018

Following the Group's announcement on management succession made in February 2018 and the announcement made on 14 September 2018 with respect to the proposed demerger and listing of Investec Asset Management ("the Transaction"), the Board is pleased to confirm the following director changes.

Investec Limited and Investec plc Board Executive Director changes

Stephen Koseff (Chief Executive Officer ("CEO") of the Group) and Bernard Kantor (Managing Director of the Group) have stepped down from their respective roles as of 1 October 2018. They will continue to serve on the Board as Executive Directors with primary responsibility for assisting the incoming Joint CEOs until completion of the Transaction. Following the completion of the Transaction, they will step down from the Board for an appropriate cooling off period after which they will re-join the Board as Non-Executive Directors.

Fani Titi and Hendrik du Toit have been fulfilling the responsibility of Joint CEO Designates since 1 April 2018. As of 1 October 2018, they are appointed as Joint CEOs of the Investec Group. They will be held jointly accountable and responsible for the leadership and management of the Group. Hendrik has stepped down as CEO of Investec Asset Management on 30 September 2018.

Kim McFarland, Chief Operating Officer ("COO") and Chief Financial Officer ("CFO") of Investec Asset Management since December 1993, has been appointed as an Executive Director of the Board as of 1 October 2018. Kim will continue with her duties as COO and CFO of Investec Asset Management in view of the Transaction announced.

From 1 October 2018, the Executive Directors of the Group comprise Fani Titi, Hendrik du Toit, Kim McFarland, Stephen Koseff, Bernard Kantor and Glynn Burger (Risk and Finance Director of the Investec Group).

Closing remarks

The Board would like to thank Stephen and Bernard for their exemplary service, dedication and commitment to the Group since the 1980s. The Board looks forward to Stephen and Bernard's continued contribution as directors. The Group will continue to benefit from their deep industry experience and intimate knowledge of Investec.

The Board congratulates the new executive team on their appointments.

Save for the information provided above, there are no further details required to be disclosed by Rule 9.6.13 of the UK Listing Rules.

For further information please contact

Investec Investor Relations

[e-mail]

Tel: [phone] or [phone]

About Investec

Investec is an international specialist bank and asset manager that provides a diverse range of financial products and services to a select client base in three principal markets, the UK and Europe, South Africa and Asia/Australia as well as certain other countries. The Group was established in 1974 and has approximately 10 100 employees.

Investec focuses on delivering distinctive profitable solutions for its clients in three core areas of activity namely, Asset Management, Wealth & Investment and Specialist Banking.

In July 2002 the Investec group implemented a dual listed company structure with listings on the London and Johannesburg Stock Exchanges. The combined Group's current market capitalisation is approximately GBP5.5 billion.

Johannesburg and London

1 October 2018

Sponsor: Investec Bank Limited

 

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