BLSA statement on the appointment of Fani Titi and Hendrik du Toit as joint CEOs of Investec
Date: 6 February 2018 | Author: Business Leadership South Africa | Category: Media Statement
Business Leadership South Africa (BLSA) wishes to congratulate Investec, particularly Mr Stephen Koseff, one of our non-executive directors, for appointing Fani Titi and Hendrik du Toit as joint CEOs of the Group.
“Mr Titi’s appointment is of particular significance to us as it shows what can be achieved when a company journeys and grows with its empowerment partner,” said BLSA CEO Bonang Mohale.
Titi has served on the Investec board since leading an empowerment consortium to purchase a stake in 2004. He has chaired the board since 2014.
“One of the key pillars of BLSA's Contract with South Africa is transformation and empowerment of black leadership. This appointment advances that goal,” said Mohale.
“These appointments signal the practical commitment of our members to implementing BLSA’s strategy. Since we released the Contract with South Africa, a number of our members have taken actions that show how serious they are about the commitments embodied in the Contract. This number is growing consistently. We urge all our members and the business community in general to follow suit and demonstrate that transformation is a key business and national imperative, not just an optional extra,” said Mohale.
However, BLSA is seriously concerned about the tendency of appointing joint CEOs of late when it is the black executive’s turn to occupy the highest office.
Mohale said: “This perpetuates the narrative that black people cannot manage either a complex business and/or a global business on their own. Consequently, they are in perpetual training without ever graduating.”
He added: “We have full confidence in both Mr Titi and Mr Du Toit’s abilities to take Investec to the next level in its growth path.”
BLSA has wished the two gentlemen well, and pledged its support to the Group as it implements these changes.