WOMAN OF THE YEAR | The meteoric climb of Leila Fourie

Leila Fourie, who stepped down from her role as Joburg Stock Exchange (JSE) CEO in March, says her next chapter will focus on helping to find solutions to youth unemployment and promote sustainability.

Fourie, our Woman of the Year in Business, retired from the JSE, Africa’s largest bourse, in March, following a six-year tenure during which she oversaw its record financial performance in 2025. “I plan to use my time giving back to society, focusing on youth unemployment and nature conservation. I will continue to serve on the United Nations’ Global Compact and YES boards and have recently been appointed to serve on the board of the WWF,” she says.

As an avid climber, she also plans on travelling around the world. “I will accept a few commercial board roles, and I plan to sail around the world and continue climbing, hiking, and spending time in nature and with my loved ones,” she says.

Fourie, whose career spans 30 years in financial services, was the second woman to lead the JSE after succeeding Nicky Newton-King. She has now handed over the baton to Valdene Reddy. She considers serving as JSE CEO an “extraordinary” privilege. The 139-year-old JSE was established in 1887 during the gold rush as a platform to help mining companies raise capital. It has since evolved into a diversified modern exchange. “It provides a real-time reflection of economic confidence, corporate performance, and investor sentiment, making it a genuine bellwether of the economy,” she says.

The JSE boasts over 263 listed companies, including Naspers, Shoprite, and Standard Bank. With a market capitalisation of R24.73-trillion, it is regarded as one of the world’s top 20 exchanges by market capitalisation. In June, the JSE also marked 20 years since listing its own shares on the exchange. The share price has since rallied more than sixfold, from R24.25 a share when it listed in 2006 to R148 at market close on 4 June.

Ultimately, the greatest highlight has been serving an institution that plays such a critical role in the country’s economy.

—   Leila Fourie

The bourse had a bumper 2025 with profits breaching R1bn for the first time, driven by strong activity in capital markets. However, several companies have delisted in recent years, raising concerns in some quarters. According to Fourie, delistings are a global phenomenon. “While the number of listings has declined, the quality, resilience, and market capitalisation of companies on the JSE remain strong,” she says.

Some of the companies that have delisted from the JSE include Royal Bafokeng Platinum, African Rainbow Capital Investments, Mediclinic, Distell, and PSG. Fourie says that, globally, companies are staying private for longer, private capital has grown significantly, and consolidation has reduced the number of listed businesses. She adds that the exchange continues to innovate, diversify its products, and strengthen its infrastructure while working to encourage new listings.

“Vibrant capital markets are essential for economic growth, and ensuring South Africa remains an attractive place to list and invest requires collective action across the economy, not just from the exchange,” she says.

She previously served as MD of Standard Bank’s card division, and was also the executive responsible for consumer banking at the Commonwealth Bank of Australia. Her career highlights include helping to build and modernise South Africa’s capital markets, contributing to major transactions that supported economic development, and later leading the JSE through significant technological and regulatory transformations, as well as unprecedented events such as the Covid-19 pandemic.

“One of my greatest privileges has been working with exceptional teams to strengthen market infrastructure, broaden access to capital, and reinforce confidence in South Africa’s financial system. Ultimately, the greatest highlight has been serving an institution that plays such a critical role in the country’s economy,” Fourie says. Under her tenure, the JSE cut red tape to simplify listing requirements, underscoring its undertaking to create a more enabling environment.

Her advice for young professionals is to deepen their expertise before chasing titles. “Competence creates opportunities,” she says. Nurturing a curious mindset is also key to thriving amid all the changes in technology and artificial intelligence, while resilience helps cushion the impact of setbacks, which can become the greatest teachers, she continues. At the core of her advice is that a reputation matters enormously. “Integrity, reliability, and the ability to work well with others will open more doors than technical ability alone. People remember those they can trust.”

While many dream of reaching the top of the career ladder, there are many misconceptions about CEOs, including the assumption that the role is about power and prestige. Fourie says that, in reality, being CEO is about taking on responsibility, with one’s decisions impacting employees, investors, customers, and society more broadly. “CEOs spend far more time listening, managing uncertainty, balancing competing priorities, and making difficult decisions than people realise. It can also be surprisingly lonely because, ultimately, accountability rests with you. The most effective CEOs recognise that leadership is about serving others and enabling talented people to succeed,” she says.

Fourie, who holds a PhD in economic and financial services, says her humble beginnings shaped her approach to leadership and business. As one of 10 children, she knows how to make the most of any situation. While she didn’t grow up with all her siblings under one roof, being raised in a large family taught her that resilience, hard work, and generosity are not optional. “We learned to support one another and to contribute rather than simply consume. That upbringing instilled in me a belief that success is never achieved alone.”

Integrity has been a cornerstone of her career, while curiosity has helped her take lifelong learning in her stride. “I also believe deeply in saying yes to meaningful challenges, because growth happens outside your comfort zone,” she adds.

Despite South Africa’s economic challenges, Fourie believes it has tremendous potential, but unlocking stronger growth requires consistent implementation of reforms. For South Africa to move the dial on economic growth, power stability, and efficient logistics — particularly rail and ports — are necessary. Fourie stresses that policy certainty is needed to encourage long-term investment, as is greater support for entrepreneurship and small businesses, along with improved education and skills development, so more people can participate in the economy.

“South Africa has deep capital pools and sophisticated financial markets. The challenge is creating an environment in which businesses have the confidence to invest, expand, and create jobs. Sustainable growth ultimately comes from investment, productivity, and partnership between government, business, and labour.”