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Leila Fourie, CEO of the JSE, is set to retire end of March 2026. The stock exchange manager announced that she will be replaced by Valdene Reddy.
“Having served as Group CEO since 2019, I feel the time is appropriate to pass the baton to Valdene as one of our own talents to step forward into this important leadership role,” Fourie (57) said on Thursday.
Reddy joined the JSE in 2015 as the head of equity and equity derivatives, and has been director of capital markets since 2020.
Previously, she worked for Bank of America Merrill Lynch and Renaissance Capital, after graduating from the University of Cape Town with an actuarial science degree in 2004.
Reddy said her focus will be on accelerating innovation and enhancing the JSE’s competitiveness through “ongoing strategic transformation”.
Under Fourie’s leadership, the bourse simplified listings requirements, introduced new exchange traded fund segments, and developed both a private markets platform and a voluntary carbon market. She also drove big investments in technology to modernise its systems.
This came as the JSE suffered a spate of delistings in recent years, with large groups like PSG, Mediclinic, Distell and Royal Bafokeng Platinum leaving the bourse.
From 312 in 2019, there are now only 276 companies listed on the JSE. New listings - including the Dubai-based fintech group Optasia and Cell C - are planned, but this comes as Curro may be delisted if a new takeover bid is approved this month.
On Thursday, the JSE’s share price closed at R131.51, from around R130 when Fourie assumed the CEO position in October 2019. Still, the bourse operator continued to report solid results, most recently posting a 13% increase in headline earnings for the six months to end-June.
The group said that Fourie was involved in various private sector initiatives to strengthen South Africa’s capital markets. These initiatives, under the leadership of the National Treasury, include Operation Phumelela and various engagements to motivate an upgrade to South Africa’s sovereign credit rating.
Phuthuma Nhleko, JSE chairman, noted: “Leila has led the JSE with strategic clarity and an unwavering commitment to transformation. Her tenure has been marked by innovation, operational resilience and a deep sense of purpose. Under her leadership, the JSE has delivered a robust financial performance and has become a more inclusive, collegiate and future-fit institution.”
Nhleko added: “I am confident that Valdene’s deep industry expertise, strategic acumen and stakeholder relationships will position the JSE for continued success in a rapidly evolving financial landscape. The board is looking forward to working with Valdene to deliver transformative growth for the JSE.”
The article has been corrected to reflect that the JSE’s share price did not fall 17% since October 2019.
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