BY Nkosazana Ngwadla
FirstRand has promoted COO Mary Vilakazi to the position of CEO, making her the first woman to head the financial services group in its 185-year history.
Vilakazi will replace Alan Pullinger, who will step down from the role in April next year. Vilakazi joined the JSE-listed financial services group, which is valued at about R356bn, in 2018. Before that she held several roles at Momentum Metropolitan Holdings including CFO and deputy CEO.
The last woman to head a major bank in SA was Maria Ramos, who led Absa for a decade. Momentum Metropolitan appointed Jeanette Marais as its first woman CEO in May.
Vilakazi said she was up to the task. “I am delighted to be entrusted to lead one of the largest and most profitable financial institutions in Africa,” she said in a statement.
“During his tenure, Alan has demonstrated inspirational leadership and I have been privileged to work in partnership with him and the broader team. 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. Our portfolio of leading brands, our top-quality talent, our unique and long-standing culture of empowerment and accountability, and our relentless focus on shareholder value creation will continue to underpin the group’s success on my watch.”
Pullinger backed the group’s new leadership. “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,” he said.
“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.”
FirstRand’s portfolio of businesses comprise RMB, FNB, WesBank, Aldermore Bank, and Ashburton Investments.
Image: LinkedIn
