FIRSTRAND LIMITED - Changes to the board: Sizwe Nxasana to retire as Chief Executive Officer of FirstRand

Changes to the board: Sizwe Nxasana to retire as Chief Executive Officer of FirstRand

FirstRand Limited 
(Incorporated in the Republic of South Africa) 
Registration number: 1966/010753/06 
JSE Ordinary Share Code: FSR 
JSE Ordinary Share ISIN: ZAE000066304 
JSE B Preference Share Code: FSRP 
JSE B Preference Share ISIN: ZAE000060141 
NSX Ordinary Share Code: FST 
Income tax number: 9150201714 
(“FirstRand” or the “Group”)  
 
CHANGES TO THE BOARD: SIZWE NXASANA TO RETIRE AS CHIEF EXECUTIVE OFFICER OF 
FIRSTRAND  

Shareholders are advised of the following executive changes within the Group, effective 30 
September 2015:  
 
-      Sizwe Nxasana will retire as CEO after 9 years at FirstRand. 
-      Johan Burger, currently Group Deputy CEO will be appointed Group CEO. 
-      Alan Pullinger, currently CEO of Rand Merchant Bank (“RMB”) will be appointed Group 
       Deputy CEO. 
 
Sizwe Nxasana is retiring as Chief Executive Officer, after 9 years at the helm of the Group.  His 
decision follows a succession process which started at the beginning of 2014 and which has resulted 
in stable leadership teams now having been established at all of the Group’s operating franchises. 
Sizwe believes that, given the 5 years he has served in his current role as CEO of the Group, with 4 
years served as the CEO of FirstRand Bank, and in light of FirstRand's progress in implementing its 
strategy, it is time for him to step down.  
 
The FirstRand board would like to thank Sizwe for his tenure. His time as CEO has been characterised 
by a 23% compound annual growth rate in earnings from R8.3 billion to R18.7 billion (at 30 June 
2014) and superior returns generated for shareholders. Sizwe maintained and further strengthened 
the “owner manager” culture that remains key to the Group’s success. 
 
Johan Burger has been deputy CEO of FirstRand since 2013, prior to which he was Group Chief 
Operations Officer from 2009 as well as Group Chief Financial Officer from 2002. He started his 
career with RMB in 1987 and has, in partnership with Sizwe, driven the Group’s growth strategy over 
the past 5 years. Johan has a deep understanding of FirstRand’s operations and the board believes 
that he is the ideal candidate to lead the Group. 
 
Alan Pullinger joined the Group in 1998 and has been the CEO of RMB since 2008, overseeing a 
successful restructuring of the business model. This has enabled RMB to evolve into a leading African 
corporate and investment bank with a portfolio of high quality businesses with sustainable earnings 
streams. The process to find a successor CEO of RMB has commenced and the appointment will be 
announced in due course.  
 
The Group is fortunate to have the necessary depth and quality of management to enable a 
sustainable succession process and seamless handover of responsibilities.  

Sandton 
6 March 2015 

Sponsor 

RAND MERCHANT BANK (A division of FirstRand Bank Limited)  

 

 
 

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