ON THE SPOT
Koseff has confidence in chief executive team and tells critics to go bleat
Investec’s future results presentations are bound to be a lot more boring without the straight-talking CEO Stephen Koseff at the podium, but the bank’s shares displayed anything but disquiet on the news of his retirement this week and the appointment of Fani Titi and Hendrik du Toit as joint CEOs. Business Day asked Koseff why Investec really needs two corner offices. We believe that it’s important to have someone on the ground in SA who is worried about not only the business but also what is happening in SA, and someone on the ground internationally who likewise worries about what’s happening globally. It’s different to maybe one of the South African banks whose main operations are here and then have peripheral operations in the world. We have large relative sized businesses in different geographies. You can also see that in some of our (other) positions we have joint leadership. We make decisions in teams, we don’t make hierarchical top-down decisions so it fits our style and our ...
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