FNB CEO Harry Kellan steps down after just two years

Harry Kellan is stepping down as CEO of FNB after just two years in the role, with Lytania Johnson appointed as his successor as part of a broader restructuring of FirstRand’s banking operations.

Kellan, who took over as FNB CEO in April 2024 after a decade as FirstRand group CFO, will take early retirement at the end of 2026. He has been with the group for 22 years.

Johnson, who has been with FNB for 25 years and has led its personal banking segment for the past three years, will become CEO of FNB and head of a newly created retail and business banking (RBB) segment. All changes take effect on 1 April and have received regulatory approval.

The leadership change comes alongside a significant restructuring of FNB’s operating model. The bank has for years operated under a retail and commercial segment structure with multiple sub-segments beneath it. FirstRand said the absolute size and scale of those sub-segments now requires simplification.

Under the new model, the overarching retail and commercial construct will be replaced by three units: RBB, which will service entry-level to middle-income individuals and SMEs under Johnson; a standalone private banking and wealth management segment that remains under Sizwe Nxedlana, who has led it since 2023; and a commercial and corporate bank under Muneer Ismail, which will absorb the enterprise and public sector sub-segments from the old commercial division.

Simplified structure

Kellan said the restructuring was the product of the simplification strategy he embarked on when he became CEO. “In the two years I have been CEO of FNB, my focus has been on simplification — product, platform and structure,” he said. “I have every confidence in the new leadership team.”

Johnson said the simplified structure would accelerate FNB’s ability to serve customers. “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 — helping more customers participate effectively in the economy,” she said.

Read: FNB launches eWallet on WhatsApp as it overhauls service

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%.

“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.

FirstRand also announced two other senior appointments. Gert Kruger, the group’s 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, previously CRO of the retail and commercial segment, will replace Kruger as group chief risk officer. — © 2026 NewsCentral Media