CAPE TOWN, July 27 – Investec Property Fund (IPF) on Friday announced leadership changes effective from December. According to a statement, IPF CEO Nick Riley will assume a broader leadership role within Investec Bank Limited (IBL), with Andrew Wooler, the Fund’s current chief financial officer, and Darryl Mayers head of the Investec Property South African trading and development portfolio, taking over as joint chief executive officers (CEO) of the Property Fund, effective December 1.
Riley will remain on IPF’s board as a non-executive director, where he will continue to play a strategic role in driving the Fund’s global property portfolio and will ensure a smooth leadership handover.
“On behalf of the board, I would like to congratulate Nick on his promotion and thank Nick for the role he has played in leading the Fund over the past three years,” said board chairman Sam Hackner.
“The portfolio of direct assets and investment portfolio that has been assembled stands the Fund in good stead to continue to deliver on its strategic objectives. I am excited for the Fund’s future with strong and deep bench skills encompassing direct property, financial and deal-making under the new leadership together with having Nick in his new role, still intimately involved.”
Wooler and Mayers were chosen as joint CEOs for their complementary skills. When combined with the deep skills and experience on the Fund’s board, this is a very positive result for the business and shareholders. These internal appointments are reflective of the depth of skills and the bench of the manager, said Hackner, adding that an announcement of a new CFO will be made once appointed.
Wooler, as CFO since August 2015, has been involved in the growth and performance of the Fund from an asset base on a listing of R1.7 billion to the current R20.2 billion. Together with the board and management, Wooler has been responsible for the Fund’s conservative approach to its balance sheet and risk management, which is reflective in the strength of the Fund’s Corporate Rating and attractive debt pricing.
The Fund said Mayers has a breadth of relevant experience, having been involved in various roles in the property industry since the late 1980s. After having spent eight years at Investec, four years of which were in Investec Property, in 2002 Mayers acquired Vered Estates and operated as its managing director until 2008 when he re-joined Investec Property. Over the past decade, Mayers has held various leadership roles within Investec Property, including as head of retail developments and the head of the South African trading and development business, a position he has held since March 2016.
– African News Agency (ANA)