Harry Kellan is stepping down as CEO of FNB after only two years in the position, with longtime FNB executive Lytania Johnson appointed as his successor. Her promotion forms part of a major restructuring of FirstRand’s banking operations.
Kellan, who became CEO of FNB in April 2024 after serving for a decade as FirstRand’s group CFO, will take early retirement at the end of 2026. His departure comes after 22 years of service within the group.
Johnson, a 25‑year FNB veteran who has spent the past three years leading the bank’s personal banking division, will take over as CEO of FNB. She will also head a newly created retail and business banking (RBB) segment. All leadership changes take effect on 1 April and have already received the necessary regulatory approvals.
A Strategic Restructuring of FNB’s Operating Model
The leadership transition coincides with a significant overhaul of FNB’s long‑standing operating model. For many years, the bank has run under a retail‑and‑commercial structure with multiple sub-segments beneath it. FirstRand said the size, growth and complexity of these sub‑segments now require a simplified structure.
Under the new model, the former retail‑and‑commercial framework will be replaced by three distinct operating units:
- Retail and Business Banking (RBB) – serving entry‑level to middle‑income individuals and SMEs, led by Johnson.
- Private Banking and Wealth Management – continuing under the leadership of Sizwe Nxedlana, who has headed this segment since 2023.
- Commercial and Corporate Banking – led by Muneer Ismail, incorporating the enterprise and public‑sector units previously housed in the commercial division.
A Push Toward Simplification
Kellan said the restructuring aligns with the simplification strategy he initiated when he took on the CEO role.
In the two years I have been CEO of FNB, my focus has been on simplification — product, platform and structure. I have every confidence in the new leadership team.
Johnson added that the streamlined operating model will enhance FNB’s ability to meet the evolving needs of customers.
By bringing together retail and business banking, we can better serve entrepreneurs, small businesses and households who require solutions that bridge both personal and business needs. This will support greater participation in the economy.
Strong Financial Performance and Additional Leadership Changes
FirstRand CEO Mary Vilakazi said FNB remains in a strong financial position. The South African business recorded 10% growth in pre‑tax profits, while the broader FNB franchise increased its return on equity to 41%.
Harry has done an excellent job to get the business to a point where it can embark on these changes with clear strategic objectives.
Alongside the FNB leadership reshuffle, FirstRand announced two further senior appointments:
- Gert Kruger, group chief risk officer since 2017, will assume the newly created role of group chief operating officer, aimed at enhancing collaboration and operational efficiency.
- Emma Mer, previously CRO of the retail and commercial segment, will step into the position of group chief risk officer, succeeding Kruger.
