FIRSTRAND BANK LIMITED - FirstRand announces management changes

FirstRand announces management changes

FIRSTRAND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1966/010753/06)
JSE ordinary share code: FSR ISIN: ZAE000066304
JSE B preference share code: FSRP ISIN: ZAE000060141
NSX ordinary share code: FST

FIRSTRAND BANK LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1929/001225/06)
JSE company code interest rate issuer: FRII
JSE company code debt issuer: FRD
JSE company code ETF issuer: FRLE (FirstRand Bank)

(FirstRand or the group)

FIRSTRAND ANNOUNCES MANAGEMENT CHANGES

In compliance with paragraph 3.59 of the Listings Requirements of the
JSE Limited, FirstRand Limited announces the following changes to its
executive management team:

  -   Johan Burger, who reaches the retirement age of 60 in 2018, will
      retire as group CEO, effective 31 March 2018, however, he will
      remain as an executive director until 31 August 2018. Subject to
      regulatory approval, he will transition to a non-executive director
      on 1 September 2018.
  -   Alan Pullinger, currently group deputy CEO, is appointed group CEO,
      effective 1 April 2018.
  -   Mary Vilakazi, previously deputy CEO of MMI Holdings Limited (MMI),
      is appointed group COO and executive director, effective 1 July
      2018.

Commenting on the changes, Laurie Dippenaar, chairman of FirstRand said:
“The board is pleased to announce a smooth group CEO succession process,
which is possible following Alan’s appointment as deputy CEO three years
ago. Since then, Johan and Alan have been jointly driving execution on
the group’s growth strategies.”

The appointment of Mary Vilakazi as group COO adds significant strategic
and operational capacity at an executive management level, particularly
given her experience and track record. During her tenure at MMI, Mary
was responsible for the balance sheet management strategy, the group CFO
portfolio and the retail operations as CEO of the Momentum and
Metropolitan businesses. Her portfolio at FirstRand will include driving
the group’s insurance and rest of Africa strategies. In addition, she
will pick up direct responsibility for group internal audit, regulatory
risk management and enterprise risk management.

“Expanding the insurance profit pools in FirstRand’s domestic business
is one of the most significant levers for future growth and shareholder
value creation and the board is excited to have someone of Mary’s calibre
driving that strategy,” said Dippenaar. “Mary’s time at MMI also means
she has an excellent understanding of the financial services regulatory
environment, which will be a critical underpin to the domestic strategy
of delivering integrated financial services to our customers.”

“We are very fortunate that Johan is staying on in an executive director
role until the end of August,” said Dippenaar, “as this provides ample
time for an effective transition of responsibilities. 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. Johan has been instrumental in FirstRand’s
track record of delivering superior shareholder value and subject to
regulatory approval, the group hopes to draw on his knowledge and wisdom
as a non-executive director.

“Alan has been with the group since 1998 and has a deep understanding
of FirstRand’s operations,” Dippenaar said. “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.”

Sandton
27 February 2018

Sponsor
RAND MERCHANT BANK (a division of FirstRand Bank Limited)

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