Investec chairman to step down

18th Feb 2011 14:26

Hugh Herman is to hang up his pin-striped suit on 17 November, after 17 years as chairman of asset manager Investec.Fani Titi and Sir David Prosser, who have served on the Investec Limited and Investec plc boards, for 7 years and 5 years respectively, will assume the role of Joint Chairman. Fani Titi is currently Chairman of Investec Bank Limited and Sir David Prosser is the group's Senior Independent Non-Executive Director.Though it is unusual to have two people sharing the chairman role, the company is of the opinion that it will best serve the interests of all the group's stakeholders given the group's dual listed companies structure, much changed regulatory and financial landscape, and growth in both its South African and UK operations over the past few years.