Mary Vilakazi, the newly appointed Group Chief Executive Officer of FirstRand, has made history as the first woman to lead the financial services giant in its 185-year existence.
Her journey to this prominent role is a testament to her resilience, expertise, and commitment to breaking barriers in the traditionally male-dominated banking industry.
Vilakazi was born and raised in Alexandra, Johannesburg. Growing up, she aspired to have a career in accounting because of people like Wiseman Nkuhlu, the first black chartered accountant (CA), and her mother who was a bookkeeper.
Despite facing the challenges that came with her environment, she pursued her education with determination. She attributes her success to the opportunities that exposed her to various education programs, while growing up.
“I think my success is proof that you cannot underestimate the power of being given opportunities”, said Vilakazi.
During her schooling, she was part of the Gifted Child Programme where she got to attend a Saturday school program at the Redhill School in Morningside. She also attended St Enda’s Community College through a Rotary Fund scholarship.
She later received a bursary from accounting firm PricewaterhouseCoopers (PwC) to study for a Bachelor of Commerce degree. She graduated from the University of the Witwatersrand in 1999 and was a qualified Chartered Accountant by 2002.
Her professional career then began at PwC, where she spent eight years sharpening her skills – specialising in auditing of financial service entities, eventually becoming one of the firm’s youngest partners in 2005, at the age of 27.
She credits her mother’s support as having played a huge role in the success she has been able to achieve in her career and the reason she is a hard worker.
Instead of pocket money, her mother gave her lollipops and amaskopas (coloured popcorn popular in townships) to sell and take the profit, this led to her entrepreneurial mindset.
She adds that her mother is still supportive and it is because of her assistance around the house, that she is able to focus and prosper at her job. “She is my resident au pair and makes it possible for me to work as a full-time executive,” she said.
After PwC, Vilakazi joined the Mineral Services Group (MSG) as a CFO and then moved on to Momentum Metropolitan Holdings, where she held several key positions, including Chief Financial Officer (CFO) and Deputy CEO.
In 2018, she joined FirstRand as the Chief Operating Officer (COO), where she played a crucial role in driving the company's growth and success.
Her appointment as CEO of South Africa’s largest bank by market cap, underscores FirstRand's commitment to gender diversity and inclusivity in senior leadership positions.
As she leads FirstRand into a new era, her impact is sure to resonate beyond the financial sector, inspiring future generations of women leaders.