APPOINTMENTS
Market welcomes Investec’s new CEOs
Investec’s decision to plump for joint CEOs to succeed founders Stephen Koseff and Bernard Kantor was well met by the market: the bank’s shares were among just five stocks that ended higher on the JSE’s top 40 after Tuesday’s rout. Investec plc gained 3.12% to close at R93.99, although it has chronically underperformed its local peers since opting for a dual London-Johannesburg listing in 2002. Investec shares have gained only 253% since, while the JSE’s banks index has rallied 631%. While Hendrik du Toit, founder of the group’s asset-management arm, may have been an obvious choice, Fani Titi, Investec’s chairman and a nonexecutive since 2004, is an outlier who few had expected. Numis Securities analyst James Hamilton said: "Hendrick du Toit does not surprise me at all, but Fani is more unusual." "You guys might not have seen it but we saw it," said Koseff, Investec’s CEO. "Fani expressed an interest to take an executive role some time back and we felt that he’d be a very strong can...
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