South African banker Alan Pullinger’s salary at FirstRand amounts to $2.5 million

Omokolade Ajayi -

South African banker Alan Pullinger, the CEO of FirstRand, Africa’s most valuable financial services group, received a total compensation of R48.29 million ($2.55 million) for his instrumental role in steering the company towards remarkable financial achievements during the year 2022.

Pullinger, a highly regarded banking veteran boasting decades of experience within South Africa’s financial services sector, has effectively held the reins as CEO and executive director of FirstRand Group since his appointment in 2018.

Under his leadership, the financial services conglomerate, initially co-founded by Lauritz Dippenaar, Gerrit Ferreira, and Paul Kenneth Harris back in 1966, has solidified its position not only as South Africa’s premier financial services entity but also as a dominant force throughout the entire African continent.

Pullinger’s 2022 compensation package comprises a secure base salary of R9.6 million ($505,915) and a performance-based short-term incentive of R13.82 million ($728,310) derived from the bank’s exceptional performance during the fiscal year.

Moreover, he has been granted a long-term incentive award amounting to R24.84 million ($1.31 million) by the institution as an acknowledgment of his unwavering dedication to the group and his wealth of expertise as a seasoned professional.

FirstRand, renowned for its comprehensive suite of financial services encompassing FNB, RMB, WesBank, and Aldermore, maintains active operations within South Africa, the UK, and key markets across Sub-Saharan Africa. Its substantial contributions have firmly cemented its stature as a paramount player within the industry.

The South African multimillionaire banker and executive, who also occupies a position on FirstRand’s board, initially joined Rand Merchant Bank in 1998 — prior to the establishment of FirstRand Limited.

His ascent to the CEO role in 2018 came after three years as deputy CEO of FirstRand, a position he assumed in October 2015. His tenure was marked by the group’s attainment of numerous milestones.

Since assuming the mantle of CEO, Pullinger has led FirstRand to impressive financial milestones, with the bank’s headline earnings soaring from R26.51 billion ($1.4 billion) in 2018 to R32.81 billion ($1.73 billion) in the fiscal year 2022. The lender’s total assets have consistently expanded in recent times, swelling from R1.53 trillion ($80.63 billion) in 2018 to R2.0 trillion ($105.4 billion) in the closing year of 2022.

Apart from his executive and governance responsibilities at the premier financial establishment, Pullinger’s holdings extend to a beneficial 0.11-percent stake in the  financial services giant — a stake presently valued at more than $20 million.