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Key Points
- Mary Vilakazi, FirstRand’s CEO, earned R40.55 million ($2.2 million) in 2024, a 14.6% increase, reflecting her leadership in driving growth.
- Appointed CEO on April 1, 2024, Vilakazi became the first woman to lead FirstRand, Africa’s top financial services group, with a R435.3 billion market cap.
- Vilakazi became FirstRand’s first female CEO in April 2024, achieving historic milestones in South African banking.
South African banker Mary Vilakazi, CEO of FirstRand, Africa’s most valuable financial services group, demonstrated her exceptional leadership in 2024, earning a total compensation of R40.55 million ($2.2 million). This significant remuneration reflects her instrumental role in steering the company’s growth and maintaining its industry dominance.
Vilakazi’s 2024 compensation marked a 14.6 percent increase from the previous year’s R35.39 million ($1.9 million), underscoring her pivotal role at the helm of a financial powerhouse with a market capitalization of R435.3 billion ($23.36 billion).
Her appointment as CEO on Oct. 4, 2023, was a landmark moment for South Africa’s corporate sector. Officially assuming the role on April 1, 2024, Vilakazi became the first woman and only the second Black executive—following Sizwe Nxasana—to lead FirstRand. She is also the first woman to head a major South African bank since Maria Ramos’s tenure at Absa.
Compensation breakdown
Vilakazi’s total compensation package highlights her contributions to FirstRand’s stellar performance in 2024. Her base salary amounted to R9.4 million ($504,277), complemented by a performance-based short-term incentive of R14.55 million ($781,047). This incentive underscores the bank’s robust results during the first eight months of her tenure as CEO.
Additionally, she received a long-term incentive award of R16.6 million ($891,202), reflecting her unwavering dedication and deep expertise in the financial services industry. Together, these components showcase the group’s recognition of her efforts in driving strategic transformation.
Driving strategic growth
FirstRand’s operations span South Africa, the UK, and key markets across Sub-Saharan Africa, offering a diverse range of financial services through its flagship brands—FNB, RMB, WesBank, and Aldermore. Vilakazi, who took the helm in April, brought years of expertise and a strong track record, having served as FirstRand’s chief operating officer since July 2018. During her tenure as COO, she was instrumental in driving the group’s growth and expansion initiatives.
Under Vilakazi, FirstRand solidified its position as South Africa’s leading financial services provider while broadening its influence across the continent. Founded in 1966 by Lauritz Dippenaar, Gerrit Ferreira, and Paul Kenneth Harris, the group achieved headline earnings of R24.81 billion ($1.33 billion) in fiscal 2024—a testament to Vilakazi’s leadership.
Beyond her compensation, Vilakazi holds a 0.0001 percent stake in FirstRand, comprising 463,000 shares valued at approximately R35.93 million ($1.93 million). Her rise to the top has not only shattered glass ceilings but also reinforced FirstRand’s trajectory of innovation and success in the competitive financial sector.
