Change of guard is get­ting the nod

The Star Late Edition - - BUSINESS REPORT -

IN­VESTEC yes­ter­day an­nounced fur­ther changes to its board, ap­point­ing Perry Crosth­waite as non-ex­ec­u­tive chair­per­son of In­vestec Plc and In­vestec Ltd.

The com­pany said Crosth­waite would take over from joint chief ex­ec­u­tive des­ig­nate Fani Titi, who was ap­pointed in Fe­bru­ary to steer the com­pany to­gether with In­vestec As­set Man­age­ment ex­ec­u­tive di­rec­tor Hen­drik du Toit.

The group also named Khumo Shuenyane as the non-ex­ec­u­tive chair­per­son of In­vestec Bank to suc­ceed Bradley Tap­nack, who is step­ping down af­ter 21 years as the bank’s ex­ec­u­tive di­rec­tor.

The ap­point­ments come in the wake of chief ex­ec­u­tive Stephen Kos­eff and manag­ing di­rec­tor Bernard Kan­tor an­nounc­ing that they would be leav­ing In­vestec at the end of Oc­to­ber.

Cratos Cap­i­tal se­nior an­a­lyst Ron Klipin said the com­pany had grown into a large di­ver­si­fied busi­ness, and man­age­ment changes would con­trib­ute pos­i­tively to its for­tunes.

“Chang­ing of the guard and two fresh pairs of eyes could be pos­i­tive given the new joint-chief ex­ec­u­tive struc­ture, which still needs to prove it­self. The com­pany main­tains a strong brand with the ben­e­fits of be­ing ge­o­graph­i­cally di­ver­si­fied,” Klipin said.

He added that the group had sound depth in man­age­ment ex­per­tise and should con­tinue to build on the op­er­a­tions, but “over­all re­sults were dis­ap­point­ing”. – Sandile Mchunu

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