The firm has shuffled its global leadership team.

Investec chief executive Stephen Koseff and managing director Bernard Kantor will step down from their positions in October, the asset management giant said Tuesday. 

Fani Titi, a non-executive director of Investec’s group board and chairman, and Hendrik du Toit, founding CEO of Investec Asset Management and group executive director, will be appointed as CEO designates on 1 April, 2018. On 1 October, 2018, they will become joint CEOs of Investec. 

The move is part of Investec’s succession plan to appoint fresh leadership to push the company forward, it said, adding that the “orderly plan” was to transition from founding members to a next generation of leadership. 

Koseff and Kantor will exit their roles on 1 October, 2018. From this date until 31 March, 2019, they will continue to serve as executive directors.

As of 1 April, 2019, they will become non-executive directors. 

Koseff and Kantor, along with Glynn Burger, Investec’s risk and finance director, are considered several of the firm’s founding members and have led the company for nearly 40 years. 

Burger will also retire on 31 March, 2019. 

Meanwhile, Kim McFarland, currently chief operating officer and chief finance officer at Investec Asset Management, will take over as group finance director on 1 April, 2019. 

Ciaran Whelan, global joint head of Investec’s specialist bank and global head of private banking, will be appointed to the Investec group board as an executive director on 1 April, 2018. He will also succeed Burger as director of risk as of 1 April, 2019. He will remain global private banking head until 31 March, 2019.