JOHANNESBURG - Stephen Koseff, the entrepreneur who co-founded Anglo-South African investment bank and asset manager Investec, will step down as chief executive in October, the company said.
Koseff has been at the helm of the company for four decades. He co-founded the company with Bernard Kantor, who is also stepping down as managing director.
Glynn Burger, the group risk, and finance director will retire on 31 March 2019.
Investec has been pushing for a more fresh leadership structure and said the “orderly plan” was to move from the founding members to the next generation of leadership.
Fani Titi has been a non-executive director on the Investec Group Board since 2004 and chairman of the group since November 2011.
Hendrik du Toit, the founding CEO of Investec Asset Management will be appointed as CEO designates on 1 April.
Investec said that in October 2018 they will become joint CEOs of the group.
This means that the two men will be held jointly responsible for the leadership of the Investec Group.