saturday star reporter|published
South Africa's top financial executives and government officials gathered at the Johannesburg Stock Exchange (JSE) on Tuesday evening for the farewell market close in honor of outgoing CEO Dr Leila Fourie. The event also saw the official handing over of leadership to Valdeen Reddy, who will become the third female CEO of the JSE.
The ceremony was attended by a high-profile audience including Deputy Finance Minister David Masondo, Trade, Industry and Competition Minister Parks Tau, South African Reserve Bank Governor Lesatja Kganyago and SARS Commissioner Edward Kieswetter. Former Chairman and CEOs of the JSE, such as Roy Anderson and Russell Laubser, were also present, along with leading banking executives and legal luminaries including Advocates Thuli Madonsela, Jaco Maree and Mike Brown.
Niel Pretorius, CEO of DRD Gold – the first company listed on the JSE more than 130 years ago – also attended the event, as did Ann McCurtain, the first woman allowed to trade as a stockbroker.
Dr Fourie, who took over the reins from Nicky Newton-King in October 2019, has guided the JSE through unprecedented challenges, including the COVID-19 pandemic, volatile global markets and rapid technological and regulatory change. Under his leadership, the combined market capitalization of JSE-listed companies has grown from approximately R12.6 trillion in 2019 to more than R24 trillion today.
Adri Senecal de Wet, editor-in-chief of Independent Media, said, “This remarkable expansion is not just a statistic; it is a reflection of resilience, strategic foresight and confidence in South Africa's capital markets.” “At a time when global investors are carefully scrutinizing emerging markets, the JSE continues to compete strongly for capital inflows, whether in equities, bonds or foreign direct investment.”
The formal handover reflected the JSE tradition of passing the market horn. Dr. Fourie handed it over to Reddy, symbolizing both the leadership change and the ongoing progress of women in executive roles.
De Wet said, “That moment was powerful. It was not only a leadership change; it was a testament to progress – the steady but firm shaping of places that were once dominated by men.”
Speakers at the event praised Dr. Fourie's integrity, strategic abilities and calm leadership style. On the international stage, he has consistently highlighted South Africa's financial sector as sophisticated and competitive.
De Wet said, “They tell a story that is often overshadowed by political noise: that our capital markets infrastructure is world-class; that our regulatory frameworks are strong; that our financial professionals are globally competitive.”
The departure sent a clear message: South Africa continues to produce world-class executives who combine performance with transformation. De Wet said, “Leaders like Dr. Fourie remind us that excellence exists in our institutions; that South Africa continues to produce globally respected executives; and that change and performance are not mutually exclusive.”
De Wet concluded, “It is with leaders like Leila Fourie that South Africa can confidently celebrate progress – and look forward with renewed optimism.”