Investec Bank Limited CEO announcement

21 August 2023 Investec
Cumesh Moodliar

Cumesh Moodliar

Investec announces, in accordance with Section 6.39 of the JSE Debt Listings Requirements and receipt of requisite regulatory approvals, the following changes to the Board of Investec Bank Limited: 

The Investec Bank Limited Board (the Board) has commenced with the next stage of its approved executive succession plan. We have previously announced that Richard Wainwright will step down from his current role of Chief Executive Officer (CEO) of Investec Bank Limited (IBL) during the course of 2024 and confirmed that a further announcement would be made once Richard’s successor has been identified.  

The Board has identified Cumesh Moodliar as the next CEO of IBL.  Cumesh will be appointed as CEO of IBL on 01 April 2024.  Richard will at that time remain an executive of Investec Limited until his planned retirement in 2025. 

Cumesh has been with Investec since 2012 in a number of roles including Regional Head of the Private Bank in the Eastern Cape, National Banking Head, Head of the Private Bank and more recently the Head of the Private Client Franchise.  

The Board wishes Cumesh well as he transitions into his new role.  

The appointment of Cumesh was made pursuant to the policy dealing with the nomination of directors to the Board.

Fani Titi, Investec Group Chief Executive, regarding the appointment: 

“We are pleased to announce Cumesh Moodliar will take up the role of Chief Executive Officer of Investec Bank Limited on 1 April 2024. Cumesh has been a valued Investec leader since 2012 and has a proven track record of strong leadership and strategic acumen. He possesses expertise in fostering growth, operational efficiency, and enabling Out of the Ordinary client experiences. Under his leadership, the South African Private Bank has grown to be one of the Investec Group’s largest businesses and profit contributors. We wish Cumesh success in his new role. 

I’d also like to take this opportunity to thank Richard Wainwright for his immense contribution and dedication to the Investec Group for nearly 30 years. We will continue to draw on his expertise in driving our strategy during the leadership transition period. Richard will remain an executive of Investec Limited until his retirement in 2025.”

Biography: Cumesh Moodliar

Cumesh has been with Investec Private Banking since 2012, as head of Investec Private Bank in the Eastern Cape and then National Head of Banking in 2016. He’s been the Head of Private Bank (SA) since 2018 and Head of the Private Client Franchise since October 2022.

He holds a BA, LLB, LLM (Tax) and completed a Programme for Leadership Development (PLD) at Harvard Business School in 2015, and the Archbishop Tutu Fellowship in 2016.

Before joining Investec, Cumesh was the managing partner at Goldberg & De Villiers, an established Eastern Cape-based law firm.

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