South African multimillionaire Nkululeko Sowazi named as new Investec Bank chair

Investec has appointed South African investment veteran Nkululeko Sowazi as an independent non-executive director with immediate effect, the banking and wealth management group announced on May 21. Sowazi will become independent non-executive chair of Investec Bank Limited on August 6, 2026.

The appointment is part of a broader leadership transition at Investec, which operates under a dual listed structure on the London Stock Exchange and the Johannesburg Stock Exchange. Group chair Philip Hourquebie is stepping down on August 6 after reaching nine years of tenure. Henrietta Baldock, currently the senior independent director, will succeed Hourquebie as group chair of both Investec plc and Investec Limited from the same date.

Sowazi brings over 30 years of investment management and corporate governance experience to the role. He is executive chairman and co-founder of Tiso Investment Holdings, a diversified Pan-African investment holding company with operations in South Africa and Ghana. He co-founded Tiso Group in 2001 and served as chairman of Kagiso Tiso Holdings until June 2020. He holds board seats at JSE-listed companies including MTN Group and Grindrod, serves as independent chairman of Sappi and chairs Bayport Financial Services South Africa. He holds a master's degree from the University of California, Los Angeles.

Investec said a fit and proper assessment has been conducted for Sowazi in compliance with JSE Listings Requirements and confirmed no integrity concerns arising from his director's declaration.

Also departing at the August 6 annual general meetings is Stephen Koseff, who rejoined the board as a non-executive director in September 2020 after previously serving as group chief executive from 1996 to October 2018. Koseff informed the board he will not stand for re-election.

Investec said it intends to make additional non-executive appointments in future.