FirstRand, one of South Africa's largest financial services groups, has announced a sweeping leadership transition and organisational restructuring at its flagship FNB unit. Lytania Johnson, the seasoned executive currently leading FNB's personal segment, will step up as CEO of FNB and head a newly formed Retail and Business Banking segment, with effect from 1 April 2026, as Harry Kellan prepares to take early retirement at the end of 2026.
KELLAN'S LEGACY AND EXIT
Harry Kellan, who assumed the FNB CEO role in April 2024 following a decade as FirstRand's group chief financial officer, will depart at the end of 2026 after 22 years with the group. Kellan said the restructuring was the product of the simplification strategy he embarked on when he became CEO, focused on product, platform and structure. "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," Kellan said.
Kellan's exit comes at a moment of strength for FNB. FirstRand CEO Mary Vilakazi said FNB is in a strong position, with the South African business delivering 10% growth in pre-tax profits and the overall FNB franchise increasing its return on equity to 41%.
JOHNSON STEPS INTO DUAL ROLE
Lytania Johnson has been with FNB for 25 years. Having served as CEO of the personal segment for the past three years, she will now oversee both FNB and the new Retail and Business Banking segment, which consolidates services for entry-level to middle-income individuals and small and medium-sized enterprises. This replaces the prior retail and commercial construct, aiming to streamline offerings for clients whose personal and business needs intersect.
“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,” Johnson said.
BROADER STRUCTURAL OVERHAUL
The changes extend beyond FNB's C-suite. A new standalone segment for private banking and wealth management will sit alongside RBB, led by Sizwe Nxedlana, who remains its CEO. The enterprise and public sector sub-segments of FNB's commercial division will move to the commercial and corporate bank segment led by Muneer Ismail.
In parallel group-level moves, Gert Kruger, group Chief Risk Officer since 2017, has been appointed as group Chief Operating Officer, a new role focused on increasing collaboration and operational effectiveness across the group. Emma Mer, formerly Chief Risk Officer of the retail and commercial segment, succeeds him as group Chief Risk Officer.
TIMING AND APPROVALS
All the changes take effect on 1 April 2026 and have received regulatory approval.
“Harry has done an excellent job to get the business to a point where it can embark on these changes with clear strategic objectives,” Vilakazi said.