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Investec Bank Limited (IBL) is set to welcome Cumesh Moodliar as its new CEO starting April 1, 2024. This transition follows the announcement made in May regarding the departure of current CEO Richard Wainwright as part of Investec Group’s succession plan. While Wainwright will step down from his CEO role, he will continue as an executive of Investec Limited until his planned retirement in 2025.
Moodliar brings extensive experience to his new position, having been with Investec since 2012. His roles within the company have included Regional Head of the Private Bank in the Eastern Cape, National Banking Head, Head of the Private Bank, and most recently, Head of the Private Client Franchise.
Moodliar’s appointment coincides with Investec’s impressive financial performance, as evidenced by its financial results for the year ended March 31, 2023. The group reported a significant increase in adjusted operating profit, rising from £687.4 million (R16.4 billion) in 2022 to £835.0 million (R20 billion) in 2023. Headline earnings per share also saw a notable growth of 25.3%, climbing from 53.3 pence (R12.74) in 2022 to 66.8 pence (R15.96) in 2023. Additionally, dividends per share experienced a 24% increase from 25 pence (R5.95) in 2022 to 31 pence (R7.41) in 2023.
Following this strong financial performance, Investec Group CEO Fani saw a significant increase in his annual remuneration, which rose from £4.3 million (R100 million) to £7.5 million (R175 million). Despite a slight decrease in his remuneration, Wainwright, Moodliar’s predecessor, still earned over £2.1 million (R50.0 million).
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Moodliar’s appointment as CEO of Investec Bank Limited signals a new chapter for the institution, underpinned by his leadership and the continued momentum of the company’s financial performance.
Investec Bank Limited’s decision to appoint Cumesh Moodliar as its new CEO reflects the company’s confidence in his leadership abilities and his deep understanding of the organization’s operations. With Moodliar at the helm, Investec is poised to build upon its strong financial foundation and drive further growth and innovation in the banking sector.
Moodliar’s extensive tenure at Investec, coupled with his diverse experience across various roles within the company, positions him well to steer the bank through the evolving landscape of the financial industry. His track record of success and strategic vision will be instrumental in shaping Investec’s future trajectory and delivering value to its stakeholders.
As Investec continues to navigate the complexities of the global economy and adapt to changing market dynamics, Moodliar’s leadership will be critical in ensuring the bank remains agile, resilient, and responsive to the needs of its clients and shareholders. Under his guidance, Investec is well-positioned to capitalize on emerging opportunities and maintain its position as a leading financial institution in the years to come.
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