The South African CEO who plans to sail around the world
JSE CEO Leila Fourie will retire from her role at the end of the month and plans to practice her hobbies, including rock climbing and sailing.
Fourie will retire as the Group CEO on 31 March 2026, bringing to an end a roughly seven-year tenure.
During her tenure, the group has delivered a turnaround in earnings, diversified its revenue base and modernised its technology and regulatory frameworks.
Speaking with BusinessTech following the release of the group’s results, Fourie said that she will not entirely vanish from corporate South Africa.
She plans to sit on a host of boards and give back to initiatives that she believes in.
Fourie already serves as Co-Chair for the United Nations Global Investors for Sustainable Development Alliance. She is also a non-executive director for Business Leadership South Africa (BLSA).
She also plans to indulge in her hobbies, which include rock climbing and a plan to sail around the world.
During her time at the group, Fourie was grateful to the staff at the bourse and believes the strong leadership team will continue the bourse’s strong performance.
Fourie will be replaced by Valdene Reddy, who currently serves as the JSE’s Director of Capital Markets.
The board previously said that Reddy’s deep industry expertise, strategic acumen, and stakeholder relationships will position the JSE for continued success.
End on a R1 billion high
Fourie leaves the JSE just as it reached over R1 billion in profit for the first time in its history amid the heightened investment in South African assets.
The JSE’s results for 2025 showed that Net Profit After Tax (NPAT) increased to 16.7%, to R1,071 million (2024: R918 million).
This translated into Headline Earnings Per Share growth of 17.7% to 1,329 cents per share.
The group’s operating income grew by 14.2% to R3.5 billion, supported by strong delivery across its main business lines, including growth in:
- Capital Markets (+18%),
- Post-Trade Services (+18%),
- Information Services (+10%) and,
- JSE Clear (+10%).
The group said that the strong performance came amid a renewed national confidence and global interest in South African assets.
Fourie noted that non-resident equity ownership on the JSE increased from 29.3% at the start of 2025 to 32.9% at the end of 2025.
She added that South Africa’s weighting in the FTSE EM Index grew from 3.16% to 4.29% in 2025.
Fixed income also remains attractive for foreign investors, with net foreign inflows into South African bonds standing at R122 billion (2024: R82 billion).
The group’s cash balance increased by 12.7% to R3.2 billion, allowing it to declare an ordinary dividend of 961 cents per share and a special dividend of 100 cents per share.
Its total dividend payout ratio reached 85.6% (2024: 78%), and total dividends increased by 28.1% year on year.
| R million (unless otherwise stated) | FY2025 | FY2024 | % change |
|---|---|---|---|
| Revenue | 3 401 | 2 971 | 14.4% |
| Operating income | 3 535 | 3 095 | 14.2% |
| Total income | 3 549 | 3 167 | 12.1% |
| Earnings before interest and tax (EBIT) | 1 203 | 1 000 | 20.3% |
| Net finance income | 197 | 205 | (3.9%) |
| Share of profit from associate | 52 | 46 | 12.6% |
| Income tax expense | 381 | 333 | 14.4% |
| Net profit after tax (NPAT) | 1 071 | 918 | 16.7% |
| NPAT margin | 30.3% | 30.2% | 0.6 pts |
| Earnings per share (EPS) (cents) | 1 322.3 | 1 129.4 | 17.1% |
| Headline earnings per share (HEPS) (cents) | 1 328.9 | 1 128.6 | 17.7% |
| Ordinary dividend per share declared (cents) | 961 | 828 | 16.0% |
| Special dividend per share declared (cents) | 100 | – | 100% |
| Net cash generated from operations | 1 229 | 1 094 | 12.3% |
| ROE | 22.0% | 20.2% | 1.8 pts |
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