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Investec set to appoint ex-MTN, BofA executives to its board

Philisiwe Sibiya and Henrietta Baldock set to replace Cheryl Carolus and Laurel Bowden.

Investec plans to appoint former MTN Group executive, Philisiwe Sibiya, and ex-Bank of America investment banker, Henrietta Baldock, to its board, according to a person with direct knowledge of the matter.

The two are poised to replace former South African politician Cheryl Carolus and 83North partner Laurel Bowden, who won’t make themselves available for re-election at Investec’s annual general meeting next month, said the person, who asked not to be identified because the details aren’t yet public. The newcomers are scheduled to take their seats in August, the person said. Bloomberg has seen a memo on the appointments.

Investec is in the process of splitting its asset management unit from its banking business, a process expected to be completed during its fiscal year through March. Investec didn’t immediately respond to requests for comment.

Read: Investec asset management spin off plan lifts shares

The bank’s shares gained 1.4% by the close in Johannesburg on Monday, giving it a market value of R92.9 billion.

Former chief executive officer Stephen Koseff and ex-managing director Bernard Kantor, both co-founders of the organisation, won’t stand for re-election either but will continue to actively oversee the demerger and separate listing of Investec Asset Management, according to the lender’s annual report.

Sibiya was the chief financial officer for MTN’s South African business from March 2013 until April 2015, when she took over as chief executive officer of its Cameroon business for almost three years, according to her LinkedIn profile. Baldock was appointed to the board of Legal & General Group in October 2018, and previously worked as the chairwoman of European investment banking for BofA.

© 2019 Bloomberg L.P.

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Is this really the best that Investec can source. They have a large portion of the business offshore. Surely they can get directors with more substance? What about an ex UK banking executive to show them the way in the UK . And a proper SA businessperson not a CFO when MTN was nearly bankrupted by the Nigerian mafia.

SAM is irritated at the performance of Investec shares! They need to raise the bar, get better and new management( The new team still have old ideas and are proteges of the Koseff/Kantor 40 year dictatorship). They also need new board members-Ian Kantor is 73-what can he add to the board when he still has a small leasing company hat on? The company has outgrown many, many of its tired directors.

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