Investec has announced that Henrietta Baldock will succeed Philip Hourquebie as Group Chair with effect from 6 August 2026, in a leadership transition that also sees Nkululeko Sowazi lined up to chair Investec Bank Limited. The changes were disclosed by the dual-listed banking and wealth group on 21 May 2026.
Hourquebie will step down as Group Chair, and as Chair of Investec Bank Limited, on 6 August 2026 after nine years in the role. Baldock will take on the Group Chair position on the same date.
BALDOCK TO ASSUME GROUP CHAIR
The transition to Baldock caps a defined succession process at the top of the group's board. By naming the successor several months in advance of the 6 August 2026 handover, Investec has given itself time to complete an orderly transfer of responsibilities and to introduce the incoming chair to key stakeholders.
Hourquebie's nine-year tenure as Group Chair has spanned a period of significant change for Investec, including the demerger of its asset management business and continued repositioning of its banking and wealth franchises. Handing over after such a period requires a structured succession, and locking in the date of the transition supports continuity.
The group announcement was made through a Regulatory News Service filing, consistent with the disclosure obligations attached to Investec's listing.
SOWAZI JOINS AND WILL CHAIR THE BANK
Nkululeko Sowazi will join Investec as an independent non-executive director with immediate effect, and will become independent non-executive Chair of Investec Bank Limited from 6 August 2026, when Hourquebie also steps down from that role. Introducing Sowazi to the board ahead of assuming the chair provides a period of induction during which he can build up familiarity with the bank's operations and governance.
Splitting the chair of Investec Bank Limited from the Group Chair position gives the group two distinct leadership focal points at the top of its governance structure. The arrangement recognises the specific responsibilities attached to overseeing the South African banking entity as well as the wider group.
Alongside the chair changes, Investec confirmed that Stephen Koseff will not be seeking re-election, concluding over four decades of service to the group. Koseff has been one of the defining figures in Investec's history, having played a central role in building the institution from its early years into a dual-listed international group.
His departure marks the end of an era for the board, and closes off a period during which Investec has continued to evolve its structure and business mix. Together with Hourquebie's departure and the arrival of Baldock and Sowazi in senior roles, the moves represent a significant reshaping of the group's board composition.
Investec set out the changes in an announcement made through its regulatory disclosure channels, with the transitions to take effect on the dates specified. Together, the succession of Baldock into the Group Chair role, the introduction of Sowazi and his elevation to chair the banking entity, and the departure of Koseff represent a substantive refresh of the top of Investec's governance structure over a compressed period.
By pre-announcing the successors well ahead of the effective date, Investec has aimed to reassure shareholders that continuity of oversight will be maintained through the handover. Baldock, Sowazi, Hourquebie and Koseff each play different roles in the transition, but the collective effect is a defined and orderly reset of board leadership across both the group and the South African banking entity.