COMPANY COMMENT
Mohale’s assertion on Investec is off the mark
BLSA CEO Bonang Mohale’s comment on Titi’s appointment is probably misguided in Investec’s case
The stance of Business Leadership South Africa (BLSA) on the appointment of joint CEOs at Investec (one black, one white) is at once predictable and surprising — predictable that it has taken the two appointments as a case of white CEO nannying black CEO until he is ready. While this may be understandable — given the case of Sim Tshabalala and Ben Kruger at Standard Bank, with Tshabalala eventually named group CEO in 2018 – it is probably misguided in Investec’s case. Since it established a dual listing in 2002, Investec has had two centres of power: SA under CEO Stephen Koseff and London under MD Bernard Kantor. This tradition, it seems, will continue under Hendrik du Toit, who will oversee Investec’s considerable international businesses, with a continued focus on asset management, while Fani Titi will hold the fort in SA and have oversight of the specialist banking operations, arguably the harder job. The decision to make a non-executive a joint CEO surely shows considerable rega...
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