Jacques Celliers, the CEO of First National Bank (FNB), the retail and commercial bank division of FirstRand Bank, received a total compensation package of R41.6 million ($2.2 million) for his instrumental role in steering FirstRand towards remarkable financial achievements in 2022.
Celliers, a well-respected figure in the banking industry, has effectively managed various strategic initiatives at the bank, including joint ventures and market entry strategies, leveraging decades of experience in South Africa’s financial services sector. He has been at the helm of First National Bank since 2014.
Thanks to his visionary leadership, FirstRand Bank, 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 across the entire African continent.
Celliers’ compensation for 2022 comprises a secure base salary of R8.2 million ($434,000) and a performance-based short-term incentive of R16.71 million ($880,000), reflecting the bank’s exceptional performance during the fiscal year.
In addition, he received a long-term incentive award amounting to R16.66 million ($876,330) as a result 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 Aldermore, WesBank, and RMB, in addition to the Celliers-led First National Bank, 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.
Celliers, a South African multimillionaire banker and executive who is also an engineer by training, joined FirstRand in 2000, marking a pivotal move into the financial services sector. His ascent to the CEO role in 2014 came after years of dedicated service and a track record of exceptional leadership within the organization spanning 25 years.
His journey within the company demonstrated his deep commitment to its values and vision, making him a natural choice for this pivotal position, with his tenure marked by the bank’s attainment of numerous milestones under the FirstRand group.
Since assuming the mantle of FNB CEO, Celliers has made significant contributions through his leadership of the First National Bank segment, resulting in impressive financial milestones for FirstRand.
The bank’s headline earnings soared from R26.51 billion ($1.4 billion) in 2018 to R32.81 billion ($1.73 billion) in 2022. Additionally, the lender’s total assets have increased from R1.53 trillion ($80.6 billion) in 2018 to R2 trillion ($105.4 billion) in the closing year of 2022.
