Investec Chair Philip Hourquebie to bow out as succession kicks in

(Alliance News) - Investec PLC and Ltd on Thursday announced board succession plan, with its Chair Philip Hourquebie set to exit early in August.

Hourquebie will stand down from the board, with effect from August 6, having served at the helm for five year. he joined the board in August 2017.

The Sandton-based financial services company has tapped Henrietta Baldock, the senior independent sirector, as the new chair, with effect from August 6.

"Henrietta's appointment provides continuity of board leadership as the group continues to implement its strategy of disciplined growth, while maintaining its focus on long-term value creation, prudent risk management and strong governance," Investec said.

Investec also announced that it has appointed Nkululeko Sowazi as a non-executive director, with immediate effect.

Stephen Koseff will not stand for re-election as a non-executive director at the forthcoming annual general meeting to be held on August 6. Koseff re-joined Investec as non-executive director from September 2020, having previously served as chief executive officer.

Investec said it intends to make further non-executive appointments in due course, as part of ongoing board refresh.

Earlier in the day, Investec described its financial performance for the full-year as "resilient", underpinned by new clients, growth in lending and continued net inflows.

For the financial year that ended March 31, pretax profit for the Sandton-based financial services company rose 4.5% to GBP901.8 million from GBP863.1 million a year earlier.

Revenue was up 4.2% to GBP2.28 billion from GBP2.19 billion.

Shares in Investec were up 5.6% to 646.00 pence in London on Thursday afternoon. In Johannesburg, Investec Ltd shares rose 4.2% at ZAR139.36, and Investec PLC shares climbed 5.1% to ZAR142.59.

By Artwell Dlamini, Alliance News senior reporter South Africa

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