- FirstRand also names new chairman, revamps key unit FNB
- Vilakazi will take over as FirstRand’s CEO on April 1
FirstRand Ltd. named Mary Vilakazi as the first black female chief executive officer of Africa’s biggest lender by market value.
Vilakazi, the South Africa-based lender’s chief operating officer, will take over from Alan Pullinger, 57, effective April 1, FirstRand said in a statement on Wednesday. Pullinger’s career at the bank has spanned 26 years and he became group CEO in early 2018.
Vilakazi will be the only female CEO among South Africa’s top six banks. The nation’s companies have been under pressure to appoint more Black and female executives. Currently, none of the heads of the 10 largest local companies by market value are women, according to data compiled by Bloomberg.
“A big piece is to ensure that we keep bringing in new people, young people, fresh ideas, growing in the different markets,” Vilakazi said in an interview following the announcement. “I would want to leave a FirstRand that has even stronger customer franchises than we have, even stronger brands.”
FirstRand dropped 1.6% in Johannesburg, the worst performer on the nation’s bank index.
© Bloomberg
