FirstRand has announced that FNB CEO Harry Kellan will take early retirement, with Lytania Johnson taking over the role.
Kellan, who is the current CEO of the retail and commercial segment and FNB, will take early retirement at the end of 2026.
He was with the FirstRand group for 22 years, including 10 years as the group CFO.
He took over as FNB CEO in April 2024 and embarked on a strategy to reduce structural complexity, improve agility and decision-making, and unlock efficiencies.
FirstRand said that these efforts have led to structural changes, which form part of a massive restructuring.
The broader group announced that it will restructure parts of its operating model within its banking portfolio, resulting in changes in certain senior roles.
“The majority of the changes relate to FNB, which has for many years operated with a customer segment model encompassing a retail and commercial segment, underneath which were sub-segments,” it said.
This was designed to meet customer needs and provide focused and appropriate product sets and services, and underpinned its ability to scale its client franchises.
However, the group now believes that the absolute size and scale of the subsegments necessitate simplification.
This includes the overarching retail and commercial construct being replaced by a retail and business banking (RBB) segment that serves entry-level to middle-income individuals and SMEs.
Johnson, currently the CEO of the personal subsegment, will step up into the role of CEO of RBB and, at the same time, take over as the CEO of FNB.
She has been with FNB for 25 years, serving as the CEO of the personal segment for the past three years.
A new standalone segment will also sit alongside RBB, representing private banking and wealth management. Sizwe Nxedlana will remain the CEO of this segment, a role he has held since 2023.
The enterprise and public sector subsegments of commercial will move into the newly established commercial and corporate bank (CCB) run by Muneer Ismail.
“In the two years I have been CEO of FNB, my focus has been on simplification, product, platform and structure,” said Kellan.
“The reconfiguration of the retail and commercial segment model is the next step required for the business to be even more agile and responsive to customer needs.”
A host of changes for FirstRand
FirstRand is also appointing a new group Chief Operating Officer, Gert Kruger, who will focus on increasing collaboration, operational effectiveness, and disciplined coordination across the group.
Kruger has been the group chief risk officer (CRO) since 2017, and got the role due to his deep understanding of the group’s operational structures.
Emma Mer, previously the CRO of the retail and commercial segment and FNB, will take over from Kruger as group CRO.
FirstRand CEO Mary Vilakazi said that the group is confident the new structure will reduce complexity, improve CEO accountability, and ensure ongoing execution of growth strategies.
“FNB is in a good place as demonstrated by its recent results, with the South African business delivering 10% growth in pretax profits with the overall FNB franchise increasing its ROE to 41%,” said Vilakazi.
“Harry has done an excellent job of getting the business to a point where it can embark on these changes with clear strategic objectives.”
Johnson said that the simplified structure of the group will accelerate FNB’s ability to serve its customers and offer services and products efficiently.
“By bringing together retail and business banking, we can better serve entrepreneurs, small businesses and households who require solutions that can cover their personal and business needs,” said Johnson.
The changes to the leadership positions are effective 1 April 2026 and have all received the necessary regulatory approval.
This article has been updated.
