In an internal promotion, Cumesh Moodliar has been appointed as the new chief executive officer of Investec Bank, taking over from Richard Wainwright on 1 April 2024.

Cumesh Moodliar has a proven track record of strong leadership and strategic acumen. He has been with Investec since 2012 in several management 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 appointment is part of Investec's approved executive succession plan.

Richard Wainwright, who has been at the helm of Investec Bank since 2016, will step down from his position and will remain an executive of Investec Limited until his planned retirement in 2025.

"I'd like to take this opportunity to thank Richard Wainwright for his immense contribution and dedication to the Investec Group for nearly 30 years," says Fani Titi, Investec group chief executive.

"We will continue to draw on his expertise in driving our strategy during the leadership transition period."

As part of a move towards simplifying the Investec group board structure, Richard Wainwright and Ciaran Whelan will step down from the board this month, reducing the number of executive directors on the board to two (group chief executive and chief financial officer).

Khumo Shuenyane stepped down as chairman of Investec Bank and the Investec plc...