Investec appoints Cumesh Moodliar as Investec Bank CEO.
By Lehlohonolo Lehana.
Johannesburg-based financial services firm Investec has appointed Cumesh Moodliar as the new company's CEO, starting on April 1.
Outgoing Investec Bank CEO Wainwright will remain as executive of Invested Ltd until his planned retirement in 2025.
Moodliar joined Investment Private Banking in 2012, was head of Investec Private Bank in the Eastern Cape and then National Head of Banking. He's been the Head of Private Bank SA since 2018 and Head of Private Client since October 2022, the group's website reads.
Dual-listed Investec provides specialist banking as well as wealth, investment and asset management, which is also a subsidiary.
Moodliar 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, he was the managing partner at Goldberg & De Villiers, an established Eastern Cape-based law firm.
In its financial results for the year ended 31 March 2023, the group’s adjusted operating profit jumped from £687.4 million (R16.4 billion) in 2022 to £835.0 million (R20 billion) in 2023.
Headline earnings per share 25.3% increased from 53.3 pence (R12.74) in 2022 to 66.8 pence (R15.96).
In addition, dividends per share grew 24% from 25 pence (R5.95) in 2022 to 31 pence (R7.41) in 2023.
Following the strong performance, group CEO Fani Titi saw his annual single-figure remuneration grow from £4.3 million (R100 million) to £7.5 million (R175 million).
Despite seeing his remuneration drop by £20,000, Wainwright- who Moodliar will replace – still earned above £2.1 million (R50.0 million).
Investec shares were flat at 439.00 pence each on Monday morning in London and traded 0.4% lower at ZAR104.57 each in Johannesburg.