Investec Property Fund's (IPF) Nick Riley will step down as CEO as of 1 December 2018 in order to take on a broader leadership role within Investec Bank Limited (IBL). The fund's current CFO Andrew Wooler and head of the Investec Property's South African trading and development portfolio Darryl Mayers will take over as joint CEOs.
L-R: Darryl Mayers and Andrew Wooler
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. 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,” said board chairman Sam Hackner. “I am excited for the fund’s future with a strong and deep bench of skills encompassing direct property, financial and deal-making under the new leadership, together with having Nick in his new role, still intimately involved.”
The fund will announce its new CFO once an appointment has been made, said Hackner.
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