(Bloomberg) -- Investec Ltd. appointed former MTN Group Ltd. executive, Philisiwe Sibiya, and ex-Bank of America Corp. investment banker, Henrietta Baldock to its board.
They will replace former South African politician Cheryl Carolus and 83North Ltd. partner Laurel Bowden, who won’t make themselves available for re-election at Investec’s annual general meeting next month, the lender said in a statement on Tuesday. Sibiya and Baldock will take their seats in August, following the AGM, the bank said after Bloomberg reported 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. The shares slumped as much as 2.6% in Johannesburg.
Read more on Investec’s plans to split off its asset-management business
Former Chief Executive Officer Stephen Koseff and ex-Managing Director Bernard Kantor, both co-founders of the organization, 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 Plc in October 2018, and previously worked as the chairwoman of European investment banking for BofA.
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