FirstRand yesterday said Alan Pullinger will step down as group CEO after a career at the financial services firm spanning 26 years, and will be succeeded by Mary Vilakazi, currently group chief operating officer (COO) effective from April 1, 2024.
Vilakazi will lead a company valued at more than R355 billion, which is the owner of RMB, WesBank, Aldermore and FNB.
Last month FirstRand posted a 12% firming in normalised earnings, which amounted to R36.7 billion and yielded a similar rate of growth in annual dividends at 384 cents for the full year to the end of June 2023.
Pullinger said, “The depth and quality of the FirstRand management team means that stepping down as CEO, and the subsequent changes that this decision prompts, is a seamless process. We have all worked together for many years, in a collegiate and empowering environment, to execute on a consistent strategy to deliver growth.
“FirstRand’s business philosophy means that we behave and think like owners and the entire leadership is collectively and individually invested to deliver on the group’s commitments to its shareholders, customers, and employees. It has been a tremendous honour and privilege to be a part of, and to lead, FirstRand and I have full confidence in handing over the baton to Mary and her new leadership team,” he said.
Pullinger leaves a long and successful career at FirstRand, including the role of RMB CEO until his promotion to FirstRand deputy CEO in early 2015.
He became group CEO in early 2018 and, at the time of this appointment, indicated to the board a time horizon of six years. As such, succession planning for this role has been anchored to his expected departure in 2024.
Vilakazi joined FirstRand as group COO in 2018 from MMI Holdings, where she held the roles of chief financial officer (CFO) and deputy CEO.
The company said as one of three FirstRand executive directors, she had worked closely with Pullinger on strategy execution and successfully led a number of key growth and diversification strategies.
Vilakazi said, “I am delighted to be entrusted to lead one of the largest and most profitable financial institutions in Africa...I take over at a time when the portfolio is in good shape in all of its jurisdictions. The things that set FirstRand apart from its peers and enable it to outperform remain firmly in place.”
In other appointments, after ten years as CEO of FNB, Jacques Celliers would take up a new role with executive responsibility for the group’s fintech strategy, which is to develop revenue streams from activities ancillary to financial services.
Harry Kellan will take over as CEO of FNB after ten years as CFO of FirstRand. Kellan will be succeeded as FNB group CFO by Markos Davias, the current CFO of FNB. Gideon Joubert, currently the CFO of the group’s broader Africa portfolio, will take over from Davias as FNB CFO, he will be succeeded by Taufeeqa Waja, currently the head of finance for the broader Africa portfolio.
The group also announced that current chairman, Roger Jardine, would step down at FirstRand’s annual general meeting on November 30 and the board had appointed Johan Burger as chairman effective December 1.
Pullinger thanked Jardine for his invaluable contribution as a director:
“Roger has provided strong stewardship of the board, including its reconstitution, the challenges presented by the Covid-19 pandemic and management succession.”
Jardine said the FirstRand board believed the new management appointments created significant longevity in critical leadership roles and reflected the benefits of a structured, multi-year succession programme, which has resulted in deep talent pools.
“The ability to promote from within ensures the transition of responsibilities is seamless and collaborative, and that the individuals moving into these new roles have had the necessary experience, tenure and track records of delivery. The board is also pleased to be able to appoint a well-qualified successor in Johan Burger,” said Jardine.
BUSINESS REPORT