South African exec Mary Vilakazi’s earns $1.68-million salary from FirstRand in 2022

Yusuf Abdulfatai -

South African business executive Mary Vilakazi, the chief operating officer of FirstRand, Africa’s most valuable financial services conglomerate, received a total compensation package of R32.74 million ($1.68 million) in 2022, in recognition of her pivotal role in the group’s outstanding financial performance.

Vilakazi’s 2022 compensation represents a remarkable 21.32-percent increase compared to her previous year’s reward of R26.99 million ($1.39 million). This substantial growth in her compensation is attributed to her key role in steering the company towards remarkable financial achievements throughout 2022.

The breakdown of Vilakazi’s compensation package includes a base salary of R7.93 million ($407,026) and a performance-based short-term incentive of R10.81 million ($555,003). This incentive was awarded in recognition of her exceptional contribution to FirstRand’s impressive performance during the 2022 fiscal year.

In addition to the short-term incentive, Vilakazi received a long-term incentive award of R14 million ($718,583) from the leading financial services group. This substantial long-term award underscores her unwavering dedication to the group and her wealth of expertise as a seasoned professional in the industry.

FirstRand, known 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. The group’s substantial contributions have firmly cemented its stature as a top player within the industry.

As a top figure in the banking industry, Vilakazi has expertly steered FirstRand as its chief operating officer since her appointment in July 2018. In this role, she has played a crucial part in driving the institution’s continuous growth and expansion.

Under her leadership as COO, 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 leading financial services entity but also as a dominant force throughout the African continent.

Her hard work and strategic prowess have led FirstRand to impressive financial milestones in recent years. The lender’s headline earnings soared from R26.51 billion ($1.4 billion) in 2018 to R32.81 billion ($1.73 billion) in the fiscal year 2022.

Vilakazi’s tenacity, strategic prowess, and unwavering commitment to excellence have not only earned her impressive compensation but have also propelled her to the top job at FirstRand, making history in the process.

In a historic announcement, FirstRand on Wed., Oct. 4, named Vilakazi 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.