FirstRand CEO to retire, names deputy as successor

Alan Pullinger, who has been with the group since 1998, will take the helm from 1 April, the banking group said in a statement.

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JOHANNESBURG - South African lender FirstRand said on Tuesday its group Chief Executive Johan Burger will retire at the end of March after two and a half years at the helm and be succeeded by his deputy Alan Pullinger.

Pullinger, who has been with the group since 1998, will take the helm from 1 April, the banking group said in a statement.

He takes over the firm that is seeking to grow its revenue beyond its home continent after it agreed in November to a R17.8 million ($1.54 billion) takeover of British banking newcomer Aldermore Group.

“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,” FirstRand’s chairman Laurie Dippenaar said.

In December 2017, FirstRand announced that current Primedia Group CEO Roger Jardine would be taking over as its chairperson in April 2018.

Jardine's predeccessor Laurie Dippenaar term as chair comes to an end on 31 March.

FirstRand, with a market capitalisation of R423 billion ($37 billion), also announced the appointment of deputy CEO of South African life insurer MMI Holdings, Mary Vilakazi as group Chief Operations Officer, effective 1 July.

Shares in the firm were up 1.13% to 76.30 rand by 0856 GMT. ($1 = R11.5783) ($1 = 0.7154 pounds) curren CEO's term