Investec chief executive Stephen Koseff and managing director Bernard Kantor have stepped down from their respective roles ahead of a proposed demerger of the company.
According to a stock exchange notice Koseff and Kantor will continue to serve on the board as executive directors, where their main task will be assisting joint chief executives of the demerged business, until the process is completed.
Once the demerger is finished, Koseff and Kantor will step down from the board for “an appropriate cooling off period”. After that, they will rejoin the board as non-executive directors.
Fani Titi and Hendrik du Toit have been serving as joint chief executive designates for the past six months.
Today they were appointed joint chief executives of the Investec Group. Hendrik stepped down as Investec Asset Management chief executive yesterday.