REG - Investec PLC - Directorate Change

InvestecAnnouncement

18/05/2023 07:15

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RNS Number : 8598Z  Investec PLC  18 May 2023

 Investec Limited                                 Investec plc

 Incorporated in the Republic of South Africa     Incorporated in England and Wales

 Registration number 1925/002833/06               Registration number 3633621

 JSE share code: INL                              LSE share code: INVP

 JSE Hybrid code: INPR                            JSE share code: INP

 JSE debt code: INLV                              ISIN: GB00B17BBQ50

 NSX share code: IVD                              LEI: 2138007Z3U5GWDN3MY22

 BSE share code: INVESTEC

 ISIN: ZAE000081949

 LEI: 213800CU7SM6O4UWOZ70

 

As part of the dual listed company structure, the boards of Investec plc and
Investec Limited (together the "Board") notify both the London Stock Exchange
and the JSE Limited of matters which are required to be disclosed under the
Disclosure Guidance and Transparency Rules, and Listing Rules of the Financial
Conduct Authority (the "FCA") and/or the JSE Listings Requirements.

 

Accordingly, we advise of the following:

 

Board Changes

 

Executive Directors

 

In accordance with Section 3.59 of the JSE Listings Requirements and Rule
9.6.11 of the FCA Listing Rules, the Board confirms that in order to simplify
its structure, Ciaran Whelan and Richard Wainwright will step down as
Executive Directors at the annual general meeting to be held on 03 August
2023. This reduces the number of Executive Directors to two, namely, Fani Titi
as Chief Executive and Nishlan Samujh as Group Finance Director.

 

At the same time, the Board has commenced with the next stage of its approved
executive succession plan. This will mean that Richard will step down from his
current role of Chief Executive Officer of Investec Bank Limited during the
course of 2024. 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.

 

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.

 

The Board wishes to thank Richard and Ciaran for their significant
contribution to the Board and looks forward to their continued contribution to
the Investec Group over the next two years.

 

Non-Executive Directors

 

Furthermore and in line with the Board approved non-executive director
succession plan, the Board also wishes to confirm that Khumo Shuenyane is
reaching nine years of service to the Investec Group.  Accordingly, Khumo
will be stepping down from the Board and the Board of Investec Bank Limited at
the annual general meeting to be held 03 August 2023. Philip Hourquebie will
become Chairman of Investec Bank Limited at that time.

 

The Board also confirms that Zarina Bassa will step down from the Board and
the Board of Investec Bank Limited at the annual general meeting to be held on
08 August 2024, having reached nine years of service to the Investec Group in
November 2023.  We will confirm Zarina's successor at the conclusion of our
ongoing selection process.

 

The Board wishes to thank Khumo and Zarina for their support and contribution.

 

London and Johannesburg

18 May 2023

Sponsor: Investec Bank Limited

 

About Investec

Investec partners with private, institutional, and corporate clients, offering
international banking, investments, and wealth management services in two
principal markets, South Africa, and the UK, as well as certain other
countries. The Group was established in 1974 and currently has approximately
8,300 employees.

 

In 2002, Investec implemented a dual listed company structure with listings on
the London and Johannesburg Stock Exchanges. In March 2020, the Group
successfully completed the demerger of Ninety One, which became separately
listed on 16 March 2020.

 

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