FirstRand Limited – the parent company of FirstRand Bank Limited – has announced that Johan Burger will retire as group and bank CEO next month.
He will retire as CEO on 31st March, but will remain as an executive director until 31st August and, subject to regulatory approval, will transition to a non-executive director on 1st September.
The group revealed that Alan Pullinger – currently group deputy CEO – will be appointed group and bank CEO on 1st April.
Meanwhile, Mary Vilakazi – previously deputy CEO at MMI Holdings Limited – will be appointed group and bank COO and executive director on 1st July.
“The board is pleased to announce a smooth group CEO succession process, which is possible following Alan’s appointment as deputy CEO three years ago,” said Laurie Dippenaar, chairman of FirstRand.
“Since then, Johan and Alan have been jointly driving execution on the group’s growth strategies.”
Mary’s appointment will see her drive the group’s insurance and rest of Africa strategies as well as taking direct responsibility for group internal audit, regulatory risk management and enterprise risk management.
“Expanding the insurance profit pools in FirstRand’s domestic business is one of the most significant levers for future growth and shareholder value creation and the board is excited to have someone of Mary’s calibre driving that strategy,” said Laurie.
Laurie added that the group was fortunate that Johan would be staying on as an executive director until August as it provided time for an effective transferring of responsibilities.
“Johan has been an outstanding member of FirstRand’s management team since its creation in 1998 and the board wishes to extend its thanks and appreciation for his hard work and dedication.
“Johan has been instrumental in FirstRand’s track record of delivering superior shareholder value and, subject to regulatory approval, the group hopes to draw on his knowledge and wisdom as a non-executive director.”
Laurie also felt that Alan had a deep understanding of FirstRand’s operations.
“He has been fully involved in the design and build-out of the current domestic, regional and UK diversification strategies and the board believes that he is the ideal candidate to lead the group forward in the realisation of those strategies.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
OakNorth posts £10.6m pre-tax profit
OakNorth has announced that it made a pre-tax profit of £10.6m last year.
Revolut launches disposable virtual cards
Mobile banking platform Revolut has announced the introduction of a disposable virtual card feature to its premium service.
Masthaven teams up with Intrinsic Financial Services
Masthaven has announced a new partnership with Intrinsic Financial Services as the bank looks to enable more brokers to access its range of residential mortgages.
Cambridge & Counties refinances Oxfordshire nursery
Cambridge & Counties has refinanced an Oxfordshire nursery, which is creating 50% more places for local children.
How important are brokers in the specialist banking market?
Brokers are an important channel for newly launched banks, a number of industry professionals have claimed.
BFC Bank enters UK market
BFC Bank has launched into the UK banking market offering financial services to UK SMEs.
Liam Fox launches GREAT Innovation in Action Awards
International trade secretary Liam Fox has launched the GREAT Innovation in Action Awards to find the best partnerships between UK and Asia-Pacific companies.
Teachers Building Society names new board of directors chair
Teachers Building Society has named Julie Nicholson as the new chair of its board of directors.
Church of England introduces contactless payments
The Church of England has introduced contactless, virtual terminal and SMS mobile payments to over 16,000 churches, cathedrals and religious sites across England.
FIBA workshops to feature live deal room
The Financial Intermediary & Broker Association (FIBA) has announced that its upcoming regional workshops will give brokers the chance to interact with partner lenders in a live deal room.