Mary Vilakazi - Breaking through the glass ceiling
FirstRand, boasting a R400-billion market capitalisation, is a leading financial services group whose divisions include First National Bank (FNB), Wesbank, and Rand Merchant Bank (RMB), employing around 50 000 people globally.
"Growing up I would not have said I would be CEO of the largest bank in South Africa, but it is [the outcome of] a series of opportunities I was fortunate to have. I got opportunities along the way and that is what made the difference,' Vilakazi says. 'I always say I was not the brightest or the most gifted, but I managed to get opportunities, whether it is a bursary or someone offering me vacation work or a school programme — all of those things are important because without access to them I would not be here.'
Vilakazi joined FirstRand in 2018 as group chief operating officer and took over as CEO in April 2024, becoming the first woman to serve at the helm of the group. Her track record speaks for itself: she previously served as the deputy CEO of MMI Holdings and chief financial officer of the Mineral Services Group.
Growing up in Alexandra, north of Joburg, Vilakazi has had a knack for business from a young age. 'My mother wanted me to earn money when I was very young; it was a helpful skill. Instead of giving me pocket money, she gave me a packet of sweets to sell and said I could keep the profits,' Vilakazi says.
She describes her tenure as CEO as both challenging, owing to the unique micro-economic environment resulting from FirstRand's diverse geographic footprint, and rewarding, owing to the progress that has been made to address some of South Africa's structural challenges.
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