Firstrand's Mary Vilakazi Took Home 2.2 Million In 2024

South African banker Mary Vilakazi, CEO of FirstRand , Africas 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 companys growth and maintaining its industry dominance.

Vilakazis 2024 compensation marked a 14.6 percent increase from the previous years 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 Africas corporate sector. Officially assuming the role on April 1, 2024, Vilakazi became the first woman and only the second Black executivefollowing Sizwe Nxasanato lead FirstRand. She is also the first woman to head a major South African bank since Maria Ramoss tenure at Absa.

Vilakazis total compensation package highlights her contributions to FirstRands 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 banks 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 groups recognition of her efforts in driving strategic transformation.