JSE CFO Fawzia Suliman’s key to work-life balance is “deciding which cylinders should burn brightest” at a given time. This approach gives her both the discipline and mental fortitude to lead her team in the fast-paced world of stockbroking – and fulfil her passion for endurance sports.
In the predawn hours, long before the Johannesburg Stock Exchange (JSE) buzzes with activity, its CFO, Fawzia Suliman, can be found pounding the pavement or cycling through the landscapes surrounding the city. For her, these early mornings are not just a fitness regimen, but a training ground for the mental fortitude and strategic thinking required to lead the financial operations of South Africa’s premier stock exchange.
“The lesson I’ve learnt is that if you put your mind to something and you work on it consistently and apply discipline, you will succeed,” she said. “The greatest gift I gave to myself was finishing the Comrades because it reminds me that if I put my mind to something and apply myself to it consistently, I’ll achieve.”
This mindset of determination, consistency and self-belief has served her well in her finance leadership career. It propelled her from a chance encounter with the stockbroking industry during her honeymoon to the C-suite of the JSE.
“I got back from my honeymoon and they said, well, you know, you’re now doing stockbroking audits,” she recalled, a smile hinting at the serendipity that marked the beginning of her career at the JSE.
Initially hesitant about stockbroking, Fawzia quickly discovered a passion for the fast-paced environment.
“Once I started in that environment, I just absolutely loved it. I often talk about an element of serendipity in my life and career,” she explained. “I started my first job in 1995, just after the first democratic elections. People were looking for talent with my demographic, and I landed in the right places at the right time. But ultimately, it’s hard work that gets noticed, proving your ability.”
Climbing the corporate ladder
Prior to her foray into stockbroking, Fawzia had faced the common dilemma of career choice. With no clear role models in the corporate world, she relied on the guidance of mentors and chose the chartered accountant (CA) route for its versatility and “optionality”.
This decision laid the groundwork for her future success, providing her with the skills and qualifications needed to navigate the complexities of the financial world. It also instilled in her a deep appreciation for the importance of adaptability and continuous learning, qualities that would serve her well throughout her career.
Her initial role as a financial manager at AMB Securities, a newly formed stockbroking firm, marked the beginning of her career. The company underwent several transformations, first being acquired by DLJ, an American firm, and later becoming part of Credit Suisse. Throughout these changes, Fawzia consistently rose to the occasion, taking on increasing responsibilities.
Her progression through the ranks included roles such as head of finance, financial director and, eventually, chief operating officer (COO) at Credit SuisseFirst Boston SA Securities. Each transition presented unique challenges, from adapting to new shareholders to navigating organisational restructuring.
When Macquarie, an Australian firm, acquired the company, she continued her upward trajectory, eventually being appointed CEO in the company’s final iteration as Mazi Macquarie Securities. “I worked my way up the ranks through the organisation in all of those different roles,” she reflected.
Leading through change
In 2019, just before the onset of the Covid-19 pandemic, Macquarie decided to exit several regions, including South Africa. This led Fawzia to re-evaluate her career path. After a brief stint at Stanlib Asset Management, she received a call that would change the course of her professional life. The CEO of the JSE offered her the CFO position.
“I had to step out of my comfort zone and I was suddenly part of a listed organisation, which I hadn’t been before,” she reflected. However, true to her nature, she embraced these challenges as learning opportunities.
Fawzia’s forward-thinking approach is evident in her embrace of technology, particularly AI and automation. She sees these tools as indispensable for the modern finance function, enabling her team to streamline processes, improve accuracy and focus on higher-value activities.
“Technology, automation, AI – these are things we absolutely have to have,” she said. “They remove the need to perform routine and mundane tasks and allow us to focus on our role as catalysts and strategists.” She acknowledged that the adoption of AI might seem daunting for some, but believes that the benefits far outweigh the challenges.
The JSE’s finance team, under her guidance, has already made significant strides in automation. They have implemented bespoke tools for billing and analysis, and are now exploring the potential of AI and data analytics to provide even deeper insights into the JSE’s operations and the broader market. This data-driven approach allows Fawzia and her team to make more informed decisions and identify opportunities for growth and innovation.
Fawzia’s willingness to accept challenges has also marked her leadership style, which is characterised by transformation and collaboration. “It is a little bit of leading by example, getting in the trenches with the team when needed. And creating an environment where employees are motivated to perform and achieve a shared vision.”
Recognising the diverse personalities within her team, she uses tools like the Enneagram to foster understanding and collaboration. “Right now, it’s about bringing the team together, getting them to buy into my vision, building that trust and really getting everybody to be performing at their best,” she explained. This focus on individual strengths and team cohesion is key to her vision of a high-performing finance function.
Discipline, consistency and self-belief
Fawzia’s approach to leadership is undoubtedly shaped by her passion for endurance sports. And this is also what determines her own drive and perspective. She explained that for her the key to work-life balance is “deciding which cylinders should burn brightest” at a given time.
“Training is where I spend quality time with my husband,” she said. “And being out on a four-hour run is one of the most relaxing things – you narrow your focus, clearing your mind of all the noise.”
The mental reset from logging hard training kilometres pays dividends in her professional work. “Often when you get promoted, there’s an element of backing yourself before feeling fully ready,” she noted. “When facing a new challenge, I look around and think: the people around me don’t have anything I don’t have. If they can do it, so can I. That self-belief builds through endurance training.”
Her ability to compartmentalise during these runs, and “just applying the physical strength and getting through it”, helps maintain perspective when the financial landscape seems turbulent or stressful. “It’s about applying what is needed to accomplish the task at hand but also being kind to yourself,” she added. “If you don’t meet all your goals for the day, understand that tomorrow is another opportunity.”
Balancing her demanding role with her passion for endurance sports requires careful planning and prioritisation. But for her, the rewards are well worth the effort.
Looking to the future
As the finance function solidifies under her leadership, Fawzia’s focus is shifting towards a more strategic role. “The biggest thing for me on the radar in the next year or so, is further enhancing the strategy function within the JSE,” she said. This involves not just setting financial goals, but actively shaping the organisation’s future direction.
She is also passionate about becoming a more vocal advocate for South Africa’s economic potential. “Part of what we need to be doing is to make sure that what is being done is being heard by the people,” she said.
She believes that CFOs have a responsibility to counter negative narratives and highlight the positive developments in the country. “The biggest role that CFOs can play is in the responsible deployment of capital and resources,” she emphasised. She views this not just as a financial decision, but as a way to drive economic growth and create opportunities for South Africans.
She actively participates in CFO forums and initiatives, collaborating with other leaders to ensure that capital is directed towards areas that will have the greatest impact on the country’s future.
