The Black Management Forum (BMF) has congratulated Fani Titi on his appointment as the joint chief executive officer of Investec.
“Mr Titi is 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.
“The BMF has no doubt that he will add significant value in his capacity as the joint CEO and will be at the forefront of driving transformation at Investec,” said Mncane Mthunzi, the president of the BMF.
The organisation also applauded Investec for making a contribution in driving transformation at executive level.
“Mr Titi’s appointment highlights the benefits of converting a nonexecutive director to an executive director in a company. As a current nonexecutive director at Investec, Mr Titi is already well versed in all aspects of the company,” Mthunzi said.
Mthunzi said the conversion made 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”.
He believes the conversion of nonexecutive 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. We hope that Mr 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,” Mthunzi concluded.