Investec PLC (LON:INVP) has reworked the makeup of its board ahead of a move to spin out its asset management arm.
The FTSE 250 financial services firm said its current chief executive (CEO) and managing director (MD), Stephen Koseff and Bernard Kantor, had stepped down from their roles as of 1 October and would serve on the board as executive directors until the completion of the demerger, after which they would step down again for a cooling off period before re-joining as non-executive directors.
READ: Investec to spin out asset management arm after strategic review
Koseff and Kantor would also assist the incoming joint CEOs, Fani Titi and Hendrik du Toit, who would take over leadership of the group from 1 October after Hendrik stepped down from his previous role as CEO of Investec Asset Management (IAM) on September 30.
Meanwhile, Kim McFarland, the chief operating officer (COO) and chief financial officer (CFO) of IAM, was appointed to the board as an executive director but would continue her previous duties in light of the demerger.
In September, Investec said it planned to demerge IAM and list it as a separate company in London after a strategic review had concluded the division would accelerate its growth and attract staff if it operated independently.
IAM has £109bn of assets under management and has grown at an annual rate of 13.7% over the last ten years.
In early trading Monday, Investec shares were down 0.1% at 538.8p.