South African banker Alan Pullinger’s salary at FirstRand amounts to $2.7 million in 2023

Feyisayo Ajayi -

South African banker Alan Pullinger, the CEO of FirstRand, Africa’s most valuable financial services group, received a total compensation of R51.45 million ($2.72 million) for his instrumental role in steering the company towards remarkable financial achievements during the year 2023.

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 R10.17 million ($538,366) and a performance-based short-term incentive of R14.95 million ($791,509) derived from the bank’s exceptional performance during the fiscal year.

He also received a long-term incentive award amounting to R26.33 million ($1.39 million) from the institution due to his dedication to the group and his wealth of expertise as a seasoned professional.

Pullinger’s 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 R36.73 billion ($1.94 billion) in the fiscal year 2023.

The lender’s total assets have consistently expanded in recent times, swelling from R1.53 trillion ($80.63 billion) in 2018 to R2.3 trillion ($121.63 billion) in the fiscal year 2023.

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 $19.1 million.