Home » South African banker Jacques Celliers’ salary at FirstRand amounts to $2.4 million in 2023

South African banker Jacques Celliers’ salary at FirstRand amounts to $2.4 million in 2023

by Yusuf Abdulfatai
Jacques Celliers

Jacques Celliers, the CEO of First National Bank (FNB), the retail and commercial bank division of FirstRand Bank, received a total compensation package of R44.6 million ($2.4 million) for his instrumental role in steering FirstRand towards remarkable financial achievements in 2023.

Celliers, a highly regarded leader in the banking sector, has successfully overseen strategic endeavors at the bank, such as joint ventures and market entry strategies. Drawing on decades of expertise in South Africa’s financial services industry, he has led First National Bank since 2014.

Thanks to his collaborative efforts and 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 one of South Africa’s leading financial services groups but also as a dominant force across the entire African continent.

Celliers’ compensation for 2023 comprises a secure base salary of R8.7 million ($463,913) and a performance-based short-term incentive of R18.22 million ($971,517), reflecting the bank’s exceptional performance during the fiscal year.

In addition, he received a long-term incentive award amounting to R17.66 million ($941,835) as an acknowledgment 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.

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.

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.

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