The WFE's Women Leaders 2026 - Fawzia Suliman, Group CFO of the Johannesburg Stock Exchange

Name: Fawzia Suliman

Job title: Group CFO      

Organisation: Johannesburg Stock Exchange

1. Brief description of nominee’s role and job.

As Group Chief Financial Officer of the JSE Group, I lead the Finance and HR divisions, oversee mergers and acquisitions, and help formulate and drive the Group’s strategy. I serve as Joint Executive Director on the JSE Board alongside the Group CEO, and as a Non-Executive Director on the Board of STRATE, the central securities depository.

As a member of the Executive Committee, I contribute to risk management and strategic decision-making to ensure long-term financial health and sustainable growth as the JSE invests in modernisation within an evolving exchange landscape. I also serve on the National Business Initiative’s Finance & Risk Committee.

2. Short bio (career highlights, education, interests/hobbies).

My journey in finance began at the University of the Witwatersrand, where I completed a Bachelor of Commerce in Accounting in 1994 – the year South Africa held its first democratic elections.

I started my management career at Credit Suisse’s South African stockbroking division, progressing from Financial Manager to Financial Director. I later served as CFO at First South Financial Services before joining Macquarie First South in 2006 as CFO. I was subsequently promoted to COO and then CEO of Mazi Macquarie Securities in 2018.

During my tenure at Macquarie, we achieved a Level 1 BBBEE rating, increased market capitalisation by 35 percent over 12 months, and grew our share of the commissions wallet by 50 percent. I was nominated for CEO of the Year in 2018 by the Association of Black Securities Investment Professionals (ABSIP).

I also co-founded the Live2Give Foundation to address period poverty in disadvantaged communities and led the Ukwanda Programme to develop young Black talent in the stockbroking industry.

I am an endurance athlete and have completed international marathons including London and Berlin, as well as the 90km Comrades Ultra Marathon. I have used these events to raise funds for initiatives such as improving internet access for underprivileged schools and providing sanitary supplies to female learners in rural areas. The discipline required for endurance training underpins my leadership philosophy: resilience, stewardship and long-term sustainability.

3. What were your professional highlights and challenges of 2025?

In 2025, I was appointed to the Board of the National Business Initiative, an organisation focused on addressing structural challenges such as youth unemployment, transformation and sustainability in South Africa.

I was nominated for the Women of Stature honour for impactful female leaders in financial services and invited to speak at the 2025 Finance Indaba.

Within the JSE, we achieved significant milestones on key Finance transformation projects, including automating core processes and strategically managing costs across the Group. These initiatives support the sustainable transformation of the exchange in the short to medium term.

4. Tell us about a few of your key achievements throughout your career?

My career progression includes appointment as Finance Director at Credit Suisse in 2002, CFO of Macquarie Holdings in 2006, COO of Macquarie Equities South Africa in 2011, and CEO of Mazi Macquarie Securities in 2018.

Leading one of South Africa’s Top 10 stockbrokers as a woman of colour remains one of my proudest achievements. During my tenure as CEO, we strengthened financial performance, expanded market share and advanced transformation objectives.

Founding the Live2Give Foundation to combat period poverty is another milestone close to my heart. It reflects my belief that leadership extends beyond corporate success to meaningful social contribution.

In 2023, I was appointed Group CFO of the JSE – a responsibility I carry with pride and accountability.

5. What and who inspires, and has inspired, you to achieve your professional success?

Throughout my career, I have worked alongside exceptional leaders who shaped my approach to strategy and governance. However, my greatest inspiration comes from my father, who instilled in me an unwavering belief that I could achieve anything I set my mind to.

I am equally inspired by the grit of my working-class parents, who built successful lives despite the constraints of apartheid-era South Africa. My father passed away shortly before my appointment as Group CFO, but his belief in me continues to guide my journey.

6. How have you overcome setbacks, and what advice would you give to others dealing with setbacks?

I approach setbacks by first understanding their context and impact before reacting. A significant personal health challenge in 2025 reinforced the importance of focus, balance and sustainability during demanding periods. I remained committed to my responsibilities while drawing strength from family, friends and personal interests.

My advice is to avoid viewing setbacks as failures. Leadership is strengthened by resilience, and resilience is built through perspective and learning. Leadership is a marathon, not a sprint. It is essential to cultivate support structures beyond the workplace that provide stability during difficult times.

7. What advice do you have for other women who aspire to be in leadership positions? What is the biggest takeaway you want to leave with the reader?

Do not try to be a martyr. Surround yourself with strong support and do not feel guilty about leaning on it or saying no when necessary.

Be authentic and allow yourself to be vulnerable. This attracts the right people into your life and shows younger women that doubt is natural – but progress must continue.

Embrace new challenges. I have always stepped into opportunities that felt unfamiliar or difficult. Sometimes they work out, sometimes they do not – but growth lies in the attempt.