Specialised lending giant Investec has announced Cumesh Moodliar as the CEO of Investec Bank, following leadership changes at the company that saw the previous head of the bank Richard Wainwright step down earlier this year.
Read: Investec announces exec changes as profits surge
Wainwright is due to retire in 2025 but will remain in an executive role, Investec previously said.
Moodliar, who has served within Investec’s Private Banking unit since 2012, will step into the CEO role on 1 April, 2024.
Speaking about Moodliar’s appointment, group chief executive of Investec, Fani Titi commended his expertise in fostering growth and operational efficiency as well as enabling out-of-the-ordinary client experiences.
“We are pleased to announce Cumesh Moodliar will take up the role of chief executive officer of Investec Bank Limited … [He] has been a valued Investec leader since 2012 and has a proven track record of strong leadership and strategic acumen,” Titi said.
“Under his leadership, the South African Private Bank has grown to be one of the Investec Group’s largest businesses and profit contributors. We wish Cumesh success in his new role,” he said.
Titi also thanked Wainwright for his “immense” contribution and dedication to the Investec Group for nearly 30 years.
“We will continue to draw on his expertise in driving our strategy during the leadership transition period,” said Titi.
While at Investec, Moodliar has fulfilled various roles, including as regional head of the lender’s private bank in the Eastern Cape, national banking head, and head of the private bank in South Africa. Recently, he led the bank’s private client franchise.
Moodliar holds multiple qualifications, including a BA, LLB, LLM in tax and completed a Programme for Leadership Development (PLD) with the Harvard Business School in 2015, as well as the Archbishop Tutu Fellowship in 2016.
Before joining Investec, Moodliar was a managing partner role at an Eastern Cape-based law firm, Goldberg & De Villiers.
Moodliar’s appointment follows a slew of other key leadership changes at the company, some that were brought on by Investec’s £839 million merger deal with its UK wealth management rival, Rathbones.
Read: £839m Investec UK/ Rathbones merger gets regulatory go-ahead
Ciaran Whelan, former CEO of Investec’s UK wealth division, also stepped down and will retire in 2025. Whelan will lead the Investec team that will be part of the integration committee of the recently announced combination of the company’s wealth and investment business in the UK and the Rathbones group.
At the time of the announcement, the company said Whelan would also be replaced.
Board members Khumo Shuenyane and Zarina Bassa are also to step down, with Philip Hourquebie set to replace Shuenyane and Bassa’s successor still to be announced.
