FNB CEO Harry Kellan Steps Down After Two Years, With Lytania Johnson Taking the Helm
FNB CEO Harry Kellan is stepping down after just two years at the helm, with Lytania Johnson appointed as his successor as part of a wider restructure inside FirstRand. The change is set to take effect on 1 April, following regulatory approval, according to the group.
Kellan, who joined the FirstRand group 22 years ago, will move into early retirement at the end of 2026. He previously served as the group’s CFO for a decade before taking over as CEO of FNB in April 2024.
While the leadership transition marks a quick turnaround for a CEO role, FirstRand framed it as a planned step aligned with a new direction for how FNB is organised. Johnson’s appointment also comes with a reshaping of the bank’s internal structure, aimed at improving how teams serve different customer groups.
FNB CEO Harry Kellan steps down
Alongside the CEO change, FirstRand said FNB will simplify its operating model. For years, the bank has worked around a retail-and-commercial setup with several sub-segments under it. However, the group suggested that the sub-segments have grown in number and size to the point where simplification is now necessary.
In the new arrangement, FNB’s overarching retail and commercial design will be replaced by three main units. This is intended to make decision-making faster and sharpen focus for customer needs that differ across income levels, business sizes, and wealth tiers.
Under the restructuring, RBB (retail and business banking) will be led by Johnson. She will oversee services for entry-level to middle-income individuals, as well as small and medium-sized enterprises (SMEs), bringing together personal banking and business banking under one roof.
A second unit will be dedicated to private banking and wealth management, which will remain under Sizwe Nxedlana. Nxedlana has led the wealth and private banking segment since 2023, and FirstRand indicated continuity for this business line.
The third unit will be a commercial and corporate bank, led by Muneer Ismail. This segment will absorb the enterprise and public sector sub-segments from the bank’s former commercial division.
FirstRand’s message was clear: the organisational overhaul is meant to reduce complexity, align leadership to specific market segments, and speed up the delivery of relevant products and services.
In his remarks about the move, Kellan pointed to the simplification strategy he pursued after becoming CEO. He said the focus was on streamlining products, platforms, and the overall structure.
“In the two years I have been CEO of FNB, my focus has been on simplification — product, platform and structure,” Kellan said. He added that he has “every confidence” in the leadership team taking over the next phase.
Johnson, appointed as CEO and head of the newly created RBB segment, suggested the merged approach would help FNB serve customers more effectively. Her comments emphasised the overlap between personal banking needs and entrepreneurial or small business realities.
She argued that bringing retail and business banking together allows FNB to better support entrepreneurs, small businesses, and households. The goal, according to Johnson, is to offer solutions that span both personal and business financial requirements, helping more customers engage meaningfully in the economy.
FirstRand CEO Mary Vilakazi said the bank is entering the change from a position of strength. She highlighted performance figures showing progress within FNB and across the broader franchise.
Vilakazi noted that the South African business delivered 10% growth in pre-tax profits, and that the overall FNB franchise increased its return on equity to 41%. She said Kellan built the business to a point where changes can be implemented with clear objectives.
“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, positioning the restructuring as the next logical step rather than disruption.
FirstRand also announced additional senior appointments connected to the group’s operational focus. Gert Kruger, who has served as group chief risk officer since 2017, has been appointed as group chief operating officer. The group described the new role as one that will improve collaboration and operational effectiveness across FirstRand.
At the same time, Emma Mer, previously the CRO of the retail and commercial segment, will step into Kruger’s former position as group chief risk officer. These moves underline that FirstRand is not only changing leadership at FNB, but also adjusting responsibilities higher up in the group.
With the CEO transition and structural changes landing on 1 April, FirstRand is clearly aiming to move faster and simplify how FNB is organised—while retaining separate leadership where it believes strong performance and specialised expertise already exist.