JOHANNESBURG - Business Leadership South Africa (BLSA) has congratulated asset management group Investec, and one of its non-executive directors Stephen Koseff, for appointing Fani Titi and Hendrik du Toit as Joint CEOs of Investec.
“Mr Titi’s appointment is of particular significance to us as it shows what can be achieved when a company journeys and grows with its empowerment partner,” said BLSA CEO Bonang Mohale.
Titi has served on the Investec board since leading an empowerment consortium to purchase a stake in 2004. He has chaired the board since 2014.
“One of the key pillars of BLSA's contract with South Africa is transformation and empowerment of black leadership. This appointment advances that goal,” said Mohale.
Mohale said the appointments signaled the practical commitment of BLSA members to implementing BLSA’s strategy. "
Since we released the Contract with South Africa, a number of our members have taken actions that show how serious they are about the commitments embodied in the Contract. This number is growing consistently. We urge all our members and the business community in general to follow suit and demonstrate that transformation is a key business and national imperative, not just an optional extra,” Mohale said.
Despite this the group says it is seriously concerned about the tendency of appointing joint CEOs of late when it is the black executive’s turn to occupy the highest office.
“This perpetuates the narrative that black people cannot manage either a complex business and/or a global business on their own. Consequently, they are in perpetual training without ever graduating,” Mohale said.
He added added that BLSA had full confidence in both Mr Titi and Mr Du Toit’s abilities "to take Investec to the next level in its growth path."
BLSA has wished the two gentlemen well, and pledged its support to the Group as it implements these changes.