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FirstRand, Africa’s most valuable financial services group, has announced the appointment of Mary Vilakazi, a leading South African business executive, as its next CEO. This marks a pivotal moment as Vilakazi becomes the first woman to lead the banking group, which boasts a market capitalization of R350 billion ($18.1 billion) and ranks as Africa’s largest lender by market value.
The transition was unveiled in a recent announcement by FirstRand, outlining that Vilakazi, 42, will assume her new role on April 1, 2024. She will succeed Alan Pullinger, the current group CEO, who is set to step down after more than five years in this leadership position.
Alan Pullinger is a veteran at FirstRand with a career spanning 26 years, including serving as RMB CEO before becoming FirstRand’s deputy CEO in early 2015 and subsequently the group CEO in early 2018. When he took the reins as CEO, Pullinger conveyed his intent to guide the group for a six-year period. Consequently, succession planning has been aligned with his planned departure in 2024.
Pullinger will officially step down as an executive director effective March 31, 2024, but will remain with the organization full-time until the end of June 2024 to ensure a seamless leadership transition.
Vilakazi‘s journey at FirstRand began when she was appointed chief operating officer in July 2018. In this capacity, she has played a pivotal role in the organization’s sustained expansion. Her collaborative efforts with the CEO and CFO have been instrumental in executing the company’s strategies while also steering the business’s financial, risk, and control dimensions toward new heights of success.
One of Vilakazi’s standout achievements has been her oversight of the group’s insurance, wealth, and investment management sectors. These segments form the foundation of FirstRand’s efforts to diversify non-interest revenue sources, creating a holistic and integrated financial ecosystem.
The results of Vilakazi’s exceptional leadership acumen have translated into impressive financial remuneration. In the fiscal year 2022, her compensation soared to an impressive R32.7 million ($1.72 million), marking a notable increase from the R26.99 million ($1.42 million) earned in the preceding year.
The appointment of Vilakazi as CEO of FirstRand is a testament to her outstanding contributions to the organization and a significant milestone for gender diversity in the financial sector. Her appointment signals a new era for FirstRand as it continues to navigate the ever-evolving financial landscape in Africa and beyond.
