The Investec Bank Limited Board has commenced with the next stage of its approved executive succession plan. The company has previously announced that Richard Wainwright will step down from his current role of Chief Executive Officer (CEO) of Investec Bank Limited (IBL) during the course of 2024 and confirmed that a further announcement would be made once Richard's successor has been identified. The Board has identified Cumesh Moodliar as the next CEO of IBL.

Cumesh will be appointed as CEO of IBL on 01 April 2024. Richard will at that time remain an executive of Investec Limited until his planned retirement in 2025. Cumesh has been with Investec since 2012 in a number of roles including 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.