The Johannesburg Stock Exchange (JSE) Limited, Africa’s largest stock exchange, has announced a significant leadership transition, with current Group CEO Dr Leila Fourie retiring and Valdene Reddy, the Director of Capital Markets, stepping into the top executive role. Dr Fourie will step down on March 31, 2026, and Ms Reddy’s appointment as Group Chief Executive Officer will be effective the following day, April 1, 2026, subject to regulatory approval, according to a JSE statement released on Thursday, October 9, 2025.
Dr Fourie’s tenure, which began in 2019, is widely regarded by the JSE Board as a period of transformative strategic innovation and resilience. During her six-and-a-half years at the helm, she is credited with delivering a turnaround in earnings quality, diversifying the group's revenue streams, and modernising its core technology and regulatory frameworks. JSE Chairman Phuthuma Nhleko praised her leadership, noting she leaves behind an organisation that is "significantly stronger, more agile, and very well-positioned to continue its growth trajectory". Key achievements include fundamental reforms to the Listings Requirements, the introduction of the Sustainability and Actively Managed ETF segments, and the development of both a private markets platform and a voluntary carbon market.
The incoming CEO, Valdene Reddy, is an internal candidate who has been with the JSE for over a decade and currently serves as the Director of Capital Markets, overseeing the exchange's largest revenue-generating division. Ms Reddy brings over two decades of experience in financial markets, including senior roles at international investment banks. She holds a Bachelor of Business Science in Actuarial Science from the University of Cape Town and has completed the Advanced Management Program at Harvard Business School. Her appointment signals a strong focus on continuity and stability, as she is expected to build upon the foundation of modernisation set by her predecessor.
The Board expressed confidence in the new leader, with Mr Nhleko stating that Ms Reddy’s "deep industry expertise, strategic acumen and stakeholder relationships will position the JSE for continued success in a rapidly evolving financial landscape". Speaking on her appointment, Ms. Reddy said she is committed to accelerating innovation and enhancing the exchange's competitiveness through ongoing strategic transformation. Industry observers view this transition as a well-managed succession plan, which includes a six-month handover period where Dr Fourie will work closely with Ms Reddy to ensure a seamless leadership change.