Investec Bank gets a new CEO

Cumesh Moodliar will be the next CEO of Investec Bank Limited (IBL), taking over the role on 1 April 2024.

In May, the group announced that current CEO Richard Wainwright would step down from the role as part of the group’s succession plan.

However, Wainright will continue as an executive of Investec Limited until his planned retirement in 2025.

Moodliar has been at Investec since 2012 and was the 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.

Strong financials

Moodliar’s appointment comes amidst a strong financial showing from Investec.

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 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).

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