South African banker Harry Kellan earns $2.1-million salary from FirstRand in 2023

Feyisayo Ajayi -

South African banker Harry Kellan, the chief financial officer of FirstRand, Africa’s leading financial services group, has been rewarded with a compensation package of R38.65 million ($2.05 million) for his instrumental role in guiding the institution to remarkable financial achievements in 2023.

His 2023 compensation includes a base salary of R8.97 million ($475,686) and a performance-based short-term incentive of R12.73 million ($675,052). Additionally, he received a long-term incentive award of R16.96 million ($899,752) in recognition of his dedication to the group and his wealth of expertise as a seasoned financial professional.

Over the years, Kellan, an esteemed banking veteran with decades of experience in South Africa’s financial services sector, has emerged as a key leader within FirstRand’s executive team.

He has played a pivotal role in steering the daily execution of strategies, overseeing critical aspects such as finance, risk, and control within the group. Kellan’s influence extends to his position on FirstRand’s board.

Kellan’s tenure as CFO at FirstRand will conclude next year

Kellan initially joined First National Bank (FNB) in 2005, after serving over four years in the corporate finance department at HSBC South Africa. Since assuming the role of CFO, he has led FirstRand to impressive financial milestones.

The bank’s headline earnings have surged 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 expanded, growing from R1.53 trillion ($80.63 billion) in 2018 to R2.3 trillion ($121.63 billion) in the fiscal year 2023.

Kellan’s tenure as CFO and financial director of FirstRand will conclude on March 31, 2024. Subsequently, he will assume the role of CEO at FNB, a division of the group, effective April 1, 2024.

In addition to his executive and governance responsibilities at FirstRand, Kellan holds a beneficial 0.04-percent stake in the financial services giant, which is presently valued at more than $8 million.