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In the heart of South Africa’s bustling financial landscape, Mary Vilakazi, a leading South African business executive and the chief operating officer of FirstRand, stands as an exemplar of visionary leadership within the nation’s financial sector.
Her role in the growth of FirstRand, Africa’s most valuable financial services group, underscores a trajectory of triumph, marking her as a trailblazing executive in a domain defined by innovation and strategic prowess.
Appointed as FirstRand’s COO in July 2018, Vilakazi has played a pivotal role in propelling the institution’s sustained expansion. As a key member of the executive team, her collaborative efforts with the CEO and CFO have been instrumental in the execution of strategies, concurrently steering the business’s financial, risk, and control dimensions toward zeniths of success.
Vilakazi’s contributions manifest most vividly in overseeing the group’s insurance, wealth, and investment management sectors. These domains constitute the bedrock of FirstRand’s aspiration to diversify non-interest revenue sources, delivering a holistic and integrated financial ecosystem. Her astute leadership has fostered this diversification agenda and galvanized these segments to become veritable growth engines.
The dividends of Vilakazi’s profound leadership acumen have translated into financial remuneration reflective of her exceptional performance. In the fiscal year 2022, her compensation surged to an impressive R32.7 million ($1.72 million), a notable escalation from the R26.99 million ($1.42 million) accrued in the preceding year.
This comprehensive package encompassed a guaranteed base of R7.93 million ($418,000), a variable pay component amounting to R10.81 million ($570,000), and a long-term incentive award of R14 million ($738,000), intrinsically tethered to the organization’s performance metrics.
Her ascendancy in the compensation realm mirrors the ascendancy of FirstRand under her stewardship. A testament to this achievement is the remarkable 76-percent augmentation in profits stemming from FNB’s insurance activities during 2022. This unprecedented growth narrative was spurred by FNB’s robust performance, characterized by amplified premium income, judicious claims ratios, and prudent reserving practices.
Notably, FNB Life, an insurance arm overseen by Vilakazi, has emerged as the third-largest long-term insurance product provider within the FNB clientele, reflecting her strategic prowess and unwavering dedication to excellence.
Further amplifying her transformative footprint, Ashburton Investments, the group’s asset management entity, transmuted into a profitable enterprise in 2022, attesting to her mettle in driving financial enrichment across diverse portfolios.
The ripples of her influence extend to a cumulative guaranteed pay of R108.68 million ($5.7 million) since her initiation into FirstRand’s echelons in 2019, firmly establishing her as one of South Africa’s most accomplished business magnates.
Beyond her role at FirstRand, Vilakazi has contributed her expertise to various esteemed institutions, amplifying her influence across South Africa’s corporate spectrum.
Her tenure as COO and Executive Director, commencing on July 1, 2018, has been distinguished by an indomitable spirit of innovation, resonating with her earlier roles as a director and group finance director and deputy CEO at Momentum Metropolitan Holdings Ltd. and MMI Group Ltd., subsidiaries of Momentum Metropolitan Holdings Ltd.
Vilakazi’s name resonates as a paragon of visionary leadership in the South African business sphere, propelling FirstRand towards impressive growth. Her narrative is one of tenacity, strategic acumen, and an unwavering commitment to excellence, making her a top figure among South Africa’s executives.
