DURBAN - Investec Property Fund has announced changes in the company's leadership roles that will be effective from December 1st, 2018.
According to a media statement released by Investec, the current CEO of the Investec Property Fund (IPF) Nick Riley will have a broader leadership role within Investec Bank Limited (IBL).
Instead of having one person run the IPF, the Fund will have Joint CEOs. Andrew Wooler the IPF's current CFO and Darryl Mayers, the head of the Investec Property South African trading and development portfolio, will be taking on the roles of Joint CEOs.
Riley will stay on the IPF's board as a non-executive director where he will carry on his strategic role of driving the IPF's global property portfolio and ensure that there is a smooth handover of leadership.
The Chairman of the Board Sam Hackner said, "On behalf of the Board, I would like to congratulate Nick on his promotion and thank Nick for the role he has played in leading the Fund over the past three years".
Hackner added that he is excited for the Fund's future with a strong and deep bench skill including direct property, financial and deal-making under the new leadership together with Nick in his new role, still intimately involved.
According to Investec, Mayers and Wooler were selected as joint CEOs for their complementary skills combined with deep skills and experience on the Funds' board, it is a positive result for the business and shareholders.
Hackner said that these internal appointments demonstrate the depth of skills and bench of the manager.
Both Wooler and Mayers have years of experience in the property industry under their belts. The former joined the IPF in 2012 and was appointed as the CEO in 2015. Wooler has been involved in the growth and performance of the IPF from an asset base on the listing of R1,7 billion to the current R20,2 billion.
Mayers started working for Investec in the 1990's. He then acquired Vered Estates and was their MD until 2008 when he went back to Investec.
According to Hackner, Wooler's replacement in the role of CFO will be announced soon.