FINAL RESULTS AS CEO
End of an era as Stephen Koseff lets go of the reins of Investec
An emotional Stephen Koseff had to take a moment’s pause as he drew to the end of his final results as CEO of Investec on Thursday. It was always going to be historic. Koseff is letting go of the reins of a business he has spent the past four decades building. "I was worried that I was going to get a little bit emotional at certain points," Koseff, who steps down as CEO on October 1, told Business Day. He grew particularly tearful when he said that he and cofounder Bernard Kantor were "proud and happy to hand over" the company to the next generation of leaders. Equally, when he thanked his wife, Sheryl, and son, Bradley, who were present. In reflecting on the past 38 years, Koseff allowed "25 minutes of history". He went back to 1981, the year after the group acquired its banking licence and began its steady expansion beyond leasing and instalment finance, primarily to doctors. At the time, Investec had £97m in capital and £7m in deposits. Today, it has equity of £5.4bn and deposits...
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