07/02/2018 06:32 SAST | Updated 07/02/2018 06:47 SAST

BLSA: Appointing Joint CEOs Perpetuates Myth That Black People Cannot Manage

BLSA says that while it welcomes the appointment of the new Investec CEOs, the trend of appointing joint CEOs is concerning.

Bonang Mohale.
Sebnem Coskun/Anadolu Agency/Getty Images
Bonang Mohale.

Business Leaders SA (BLSA) has lashed out at companies who appoint joint CEOs, one black and one white, when "it is the black executive's turn to occupy the highest office", Fin24 reported.

This follows the appointment of joint CEOs Fani Titi and Hendrik du Toit by Investec.

Titi is reportedly the group's chairperson while Du Toit is the founding CEO of Investec Asset Management.

BLSA CEO Bonang Mohale reportedly said that while the group welcomed the new leadership at Investec, there was a concerning trend around appointing joint CEOs.

"This perpetuates the narrative that black people cannot manage either a complex business and/or a global business on their own. Consequently, they are in perpetual training without ever graduating. We have full confidence in both Mr Titi and Mr Du Toit's abilities to take Investec to the next level in its growth path," Mohale reportedly said.

But in an interview with Talk Radio 702's Bruce Whitfield on Tuesday night, Investec co-founder and present CEO Stephen Koseff defended the group's record on transformation.

"People keep on throwing darts at us. We have done a brilliant job on transformation," Koseff said.

Despite BLSA's concerns, Mohale was full of praise for Investec on its choice of CEOs, according to IOL.

"Mr Titi's appointment is of particular significance to us as it shows what can be achieved when a company journeys and grows with its empowerment partner. One of the key pillars of BLSA's contract with South Africa is transformation and empowerment of black leadership. This appointment advances that goal," Mohale reportedly said.