The Black Management Forum (the BMF) has congratulated Mr Fani Titi on his appointment as a joint Chief Executive Officer of Investec. The black lobby group said Titi was a competent business leader with proven business acumen which he has displayed over the years in his diverse and remarkable rise in corporate South Africa. Investec earlier announced the joint CEO appointments of Titi and Hendrik du Toit, the founding CEO of Investec Asset Management and an executive director of the group since December 2010
The BMF said it had no doubt that Titi will add significant value in his capacity as the joint CEO and will be at the forefront of driving transformation at Investec. Mncane Mthunzi, the President of the BMF said they applaud Investec for making a contribution in driving transformation at executive level. “Mr Titi’s appointment highlights the benefits of converting a non-executive director to an executive director in a company,” he said.
The BMF said as a current non-executive director at Investec, Mr Titi is already well versed in all aspects of the company. “The conversion makes sense for companies to leverage high performing and thought-leadership that already exists within its board and use nonexecutives as a talent pool to fill vacancies at executive levels,” read a statement.
The BMF also stated that the conversion of non-executive directors to executive directors will accelerate black talent and help top management in organisations to reflect the demographics of our society. “Whilst we applaud Mr Titi’s appointment, the BMF is opposed to the joint CEO arrangement that Investec has opted for. We are against such an arrangement as it does not add any value to the bottom line. It also adds unnecessary additional costs as two people are being paid to drive a single bottom line,” said Mthunzi.
He further stated that they hope Titi will be the sole CEO in the foreseeable future. “As the BMF we pledge our support to Mr Titi as he takes Investec to greater heights and drives to achieving transformation at Investec,” concluded Mthunzi