Gareth Penny will assume the role of independent Non-Executive Chairman. He brings a wealth of experience in chairing and serving on public and private company boards in both the UK and South Africa. For the last twelve years, Penny served as Non-Executive Director (and Remuneration Committee Chairman) of Julius Bär Group, the Zurich-listed Swiss bank focused on wealth management. He is also Chairman of Norilsk Nickel, the world’s leading producer of nickel and palladium, and of the Edcon Group, a private company and Southern Africa’s largest non-food retailer. He spent 22 years with De Beers, where he went on to become group CEO.
"Investec Asset Management has a unique and impressive history and I am delighted to be part of what will be an equally exciting future for this quality company," said Penny.
Commenting on Penny’s appointment, Hendrik du Toit, founder of Investec Asset Management and Joint CEO of Investec, added, "It is a privilege to welcome someone of Gareth’s calibre as Chairman of the soon to be listed Ninety One. We stand to benefit from his deep understanding of international business, particularly in emerging markets, and his substantial corporate governance experience."
The other independent non-executive directors joining Penny on the board are Colin Keogh, Busisiwe Mabuza, Idoya Basterrechea Aranda and Victoria Cochrane. Hendrik du Toit (who will assume the role of CEO of Ninety One upon listing), Kim McFarland (Finance Director of Ninety One) and Fani Titi (Joint CEO of Investec) complete the Ninety One board.
"We have assembled a board that is strong, independent, diverse and experienced. We are confident that they will help us chart a successful future for Ninety One as an independent, global investment manager," said du Toit.
Investec Asset Management, which is on track to list as Ninety One in the first quarter of next year, pending shareholder approval, today announced the composition of its board of directors.