Investec Bank CEO to step down in leadership overhaul

Investec Bank is on the hunt for a new CEO, after the lender said its board had stepped up its executive succession plan, which would see the incumbent CEO Richard Wainwright step down from the role next year, ahead of his retirement.

“We will announce his successor at the conclusion of our selection process. Post transition, Richard will remain in an executive role until his planned retirement in 2025. The board wishes to thank Richard for his significant contribution and looks forward to his continued contribution to the group over the next two years,” the company said on Thursday.

Wainwright has been at the helm of the bank since February 2016. Before that he was head of Investec Corporate and Institutional Banking. All in all, Wainwright has spent about 28 years with the Investec group.

The announcement of his imminent departure coincided with the release of the bank’s annual results, which showed a surge in profit.

The lender’s net interest income increased 25% to R12.7bn, driven by higher average interest earning assets and rising interest rates. The company saw its net core loans grow by 7.9% to R318.2bn due to increased corporate credit demand and higher residential mortgage book. The bank’s profit after tax surged 23.4% to R6.7bn

The lender announced that its chair, Khumo Shuenyane, would also step down at the AGM. He will be replaced by Philip Hourquebie, who is also chair of the group. Zarina Bassa will also step down from the both the boards of Investec Bank and Investec group.

At the group level, Investec said that to simplify its structure, Ciaran Whelan and Wainwright would step down as executive directors. This change would reduce the number of executive directors to two — group CEO Fani Titi and CFO Nishlan Samujh.

“Ciaran will continue in an executive role until his planned retirement in 2025. Ciaran will lead the Investec team that will be part of the integration committee of the recently announced combination of Investec Wealth & Investment UK and the Rathbones Group, which remains subject to regulatory and Rathbones shareholder approval,” it said.

khumalok@businesslive.co.za