South Africa-based bank FirstRand Ltd. said Johan Burger will retire as group CEO, effective March 31, after reaching the retirement age of 60.

Group Deputy CEO Alan Pullinger will replace Burger as CEO, effective April 1. Burger will remain as an executive director until Aug. 31 and will move to the role of nonexecutive director Sept. 1, subject to regulatory approval.

Meanwhile, FirstRand appointed Mary Vilakazi group COO and an executive director, effective July 1. Vilakazi will step down as deputy CEO of MMI Holdings Ltd., where she has been responsible for retail operations, March 31.

FirstRand Chairman Laurie Dippenaar said Vilakazi's responsibilities will include driving the group's insurance and rest of Africa strategies, as well as internal audit, regulatory risk management and enterprise risk management.

Hillie Meyer, MMI Holdings' group CEO, will oversee the company's retail business with immediate effect while finalizing the business unit's executive structure.