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Cape Town - FirstRand [JSE:FSR] announced on Tuesday that its group CEO Johan Burger will retire on March 31, with his deputy Alan Pullinger taking over his position.
Pullinger, currently FirstRand's group deputy CEO, will take over from Burger on April 1.
The financial services holding company, which contains First National Bank and RMB, said Burger will stay on as an executive director of the group until August 31 2018. Then, subject to regulatory approval, he will transition to the role of a non-executive director in early September 2018.
FirstRand chairperson Laurie Dippenaar said that for the past three years Burger and Pullinger have been "jointly driving execution on the group’s growth strategies".
"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," said Dippenaar.
He said Pullinger, who has been with the group since 1998, has "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.”
FirstRand further announced that Mary Vilakazi, previously the deputy CEO of MMI Holdings, is set to be appointed group chief operating officer from July 1.
Her portfolio at FirstRand will include driving the group’s insurance and rest of Africa strategies. She will also have direct responsibility for internal audit, regulatory risk management and enterprise risk management, read the statement.
FirstRand shares were trading at R76.28 at 13:45 on the JSE, up 1.15% on the day.
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