South African financial services group Momentum has increased its retirement age from 60 to 63, joining other major companies such as Nedbank and Standard Bank in making similar changes. The move is attributed to skills shortages and a war for talent in the sector. Momentum, which owns household brands like Metropolitan Life and Multiply, revealed the new retirement age in its annual report. The change will allow group CEO Jeanette Marais and her executive team to remain at the helm for a longer period.
Jeanette Marais, 58, has been Momentum's CEO since 2023 and has led the company's exponential growth in earnings and share price, which has surged 95% over the past three years. Marais began her career with Momentum in 1990 and has held various leadership positions at PSG, Stanlib, Old Mutual, and Allan Gray. She was elevated to the CEO role in 2023 after Hillie Meyer's retirement. Marais has an executive MBA from the International Institute for Management Development in Lausanne, Switzerland.
Momentum's annual report, published this week, highlighted the company's achievement of its "Impact" strategy, launched in 2024, which aimed to reach R7bn in earnings by 2027. The group achieved this target a year early, with its 2025/26 financial year results showing outstanding performance. Board chair Tyrone Soondarjee praised Marais and her team for their clear strategic direction, disciplined execution, and rigorous governance.
Marais' total pay for the year was R45m, up from R35.3m in the prior year. Group CFO Risto Ketola also saw his pay increase from R28m to R36.7m. One of the highlights for the group was its appointment as administrator for Bonitas, a contract previously held by Sanlam's AfroCentric. Momentum also successfully concluded turnaround strategies for Momentum Insure and Metropolitan.
The move to increase the retirement age is part of a pattern in corporate South Africa, particularly in financial services, where the war for talent is intense. Standard Bank increased its executives' retirement age to 63 years last year, while Nedbank and Absa have also made similar changes. The changes aim to allow companies to retain top talent and institutional knowledge.
Momentum's market value is R51bn on the JSE. The company's diversified portfolio, resilient balance sheet, and robust cash generation position it for future growth. Marais has expressed confidence in Momentum's ability to continue growing, with a focus on strengthening capabilities and competitiveness in the next cycle.
As Momentum enters the final year of its Impact strategy and develops its next three-year strategy cycle, the board remains committed to creating value for clients, shareholders, and stakeholders. Marais and her team are already formulating the strategy beyond 2027, with a focus on disciplined execution and strategic foresight.
Key points
- Momentum raises retirement age to 63, following Nedbank and Standard Bank.
- CEO Jeanette Marais' pay increases to R45m, up from R35.3m in the prior year.
- Momentum achieves R7bn in earnings target a year early, driven by strong performance under Marais' leadership.
