Investec to bolster board with expertise from MTN and US financial services
Two women — Henrietta Baldock, formerly of Bank of America Merrill Lynch, and Philisiwe Sibiya, a former MTN executive — will help fill the gap left by raft of departures in August
Investec says it will appoint former Bank of America Merrill Lynch executive Henrietta Baldock and former MTN SA executive Philisiwe Sibiya to its board in August amid a raft of directorship changes at the financial services group.
Investec said co-founders Stephen Koseff and Bernard Kantor will step down as executive directors after the company’s annual general meeting (AGM) in August. Koseff was succeeded by joint CEOs Fani Titi and Hendrik du Toit in October 2018, at the same time that Kantor stepped down as MD.
The group also said former SAA chair Cheryl Carolus, a nonexecutive director at Investec for 14 years, would step down at its AGM, as would nonexecutive director Laurel Bowden.
Investec said Baldock and Sibiya will join as nonexecutive directors at the same time. Baldock will be appointed as a member of the group’s board risk and capital committee, while Sibiya will be appointed as a member of the group’s audit committee and the board risk and capital committee.
Baldock has been independent nonexecutive chair of Legal & General Assurance Society since March 2018, and an independent nonexecutive director of Legal & General Group since October 2018. She was previously chair of European financial institutions investment banking at Bank of America Merrill Lynch, based in London.
Sibiya is the founding chair and CEO of Shingai Group. “She brings nearly 20 years of management experience in a variety of African contexts, including time as CFO for MTN SA and later CEO for MTN Cameroon,” Investec said.
Sibiya is also a nonexecutive board member at chemicals and explosives company AECI.