FirstRand CEO Mary Vilakazi takes $4.8 million pay in 2025

South African banker Mary Vilakazi, CEO of FirstRand, Africa’s most valuable financial services group, demonstrated her exceptional leadership in 2025, earning a total compensation of R78.2 million ($4.8 million). This significant remuneration reflects her instrumental role in steering the company’s growth and maintaining its industry dominance.

Vilakazi’s 2025 compensation marked a 92.85% increase from the previous year’s R40.55 million ($2.2 million), underscoring her pivotal role at the helm of a financial powerhouse which has reclaimed its dominance as Africa’s most valuable lender with a market capitalization of R510 billion ($31.27 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 2025. Her base salary amounted to R11.2 million ($686,860), complemented by a performance-based short-term incentive of R23 million ($1.41 million). This incentive underscores the bank’s robust results during the two years of her tenure as CEO.

Additionally, she received a long-term incentive award of R26 million ($1.59), 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 normalized earnings of R23.2 billion ($1.41 billion), an 11% increase, supported by topline growth. Net interest income rose 8%, while non-interest revenue increased 12%, a testament to Vilakazi’s leadership in 2025.

Total assets grew from R2.54 trillion ($154.5 billion) on Dec. 31, 2024, to R2.68 trillion ($163.03 billion) as of Dec. 31, 2025. Shareholders’ equity increased from R227.6 billion ($13.84 billion) to R244.83 billion ($14.9 billion). Reserves also expanded, rising from R199.75 billion ($12.15 billion) to R214.4 billion ($13.04 billion), reflecting the group’s continued financial strength.

Beyond her compensation, Vilakazi holds a 0.0098% stake in FirstRand, comprising 547,000 shares valued at approximately R49.74 million ($3.05 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.

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Mary Vilakazi: First female CEO of South Africa’s $30 billion lender, FirstRand