Investec has confirmed that co-founders Stephen Koseff and Bernard Kantor will be leaving the firm in August.
As part of succession plans announced last year, Investec says in an update today that Koseff and Kantor will not seek re-election to the board and will accordingly step down as executive directors with effect from 08 August 2019 – the day of the group’s annual general meetings.
The pair have been with the group since the 1980s, with Koseff serving as chief executive officer and Kantor as managing director.
As part of the firm’s five-man founding team, they successful listed Investec on the London Stock Exchange in 2002.
Investec’s update reads: “The board would like to thank Stephen and Bernard for their exemplary service, dedication and commitment to the Group since the 1980s.”
The asset manager has also announced a number of changes to its non-executive director ranks. Fourteen-year veteran Cheryl Carolus, who has most recently sat on Investec’s social and ethics committee, is also not seeking re-election, and will step down on the same day as Koseff and Kantor.
Legal and General Assurance Society chair Henrietta Baldock will join the board risk and capital committee, and Shingai Group chief executive and Philisiwe Sibiya will be appointed to the firm’s audit committee and board risk and capital committee on 9 August.