Investec PLC and Ltd on Monday said its board found a replacement for the role of chief executive officer of Investec Bank Ltd as Richard Wainwright will step down from the role next year.

The Sandton, Johannesburg-based financial services firm said its board appointed Cumesh Moodliar as new Investec Bank CEO, starting on April 1. Outgoing Investec Bank CEO Wainwright will remain as executive of Invested Ltd until his planned retirement in 2025.

Cumesh has worked at Investec since 2012 and has held several roles, such as regional head of the private bank in Eastern Cape, national banking head, head of the private bank and head of the private client franchise.

Investec shares were flat at 439.00 pence each on Monday morning in London and traded 0.4% lower at R 104.57 each in Johannesburg.

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