JSE says goodbye to the woman who brought it back to life

Starting today, the company that runs Africa’s largest stock exchange, JSE Limited, has a new CEO. Valdene Reddy officially took the reins from Leila Fourie on 1 April, following Fourie’s seven years at the helm.

During her tenure, Fourie oversaw marked changes at the exchange, including a positive turnaround in the JSE’s fortunes.

Since her appointment in 2019, Fourie and the JSE have delivered a turnaround in earnings quality, diversified the group’s revenue base, and modernised its technology and regulatory frameworks.

One major development under Fourie’s leadership was the JSE’s Vision 2026 initiative, which is now in its final phase.

This initiative included the Simplification Project, which was aimed at stemming a tide of delistings from the exchange.

The JSE’s Simplified Listings Requirements were approved by the FSCA in December 2025 and have significantly reduced the onerous compliance burdens placed on listed companies in South Africa.

This, the exchange hopes, will not only encourage companies to remain listed but also attract new listings.

In the JSE’s latest Integrated Annual Report, Fourie said the simpler Listings Requirements have been eagerly welcomed by the market, with a visible medium-term pipeline emerging. 

She explained that simplified rules, faster approvals and expanded secondary-listing pathways from global exchanges have made Johannesburg one of the most accessible emerging-market venues. 

The now-former CEO said the collective market capitalisation of JSE-listed entities reflected the positive sentiment, growing by just under 26% from R19.23 trillion to R24.18 trillion in 2025.

“As Vision 2026 reaches its final year of delivery, the JSE enters the next phase from a position of strength,” she said. 

“A modernised technology foundation, strong balance sheet, and diversified earnings portfolio provide a powerful platform to scale what has been built.”

In Fourie’s last full year as CEO, the JSE also experienced one of its best years on record, and its best in two decades, with stronger trading activity, higher liquidity and record financial results.

In 2025, the FTSE/JSE All Share Index ranked as one of the world’s best-performing major markets, delivering a 42% return over the year.

“The JSE is emerging into a period of renewal, stronger, more diversified and positioned to convert this market rally into lasting value for shareholders and the country,” Fourie said.

New woman at the helm

On Wednesday, 1 April, the JSE welcomed Reddy as its new CEO. Reddy previously served as the company’s director of capital markets.

“Valdene brings over 20 years of capital markets experience, including a decade within the JSE, and a deep understanding of both local and global market dynamics,” the company said. 

“Her appointment marks the start of the JSE’s next chapter – with a clear focus on driving transformation and accelerating growth.” 

Over the next few years, the JSE said Reddy will advance the exchange’s competitiveness and strengthen its role in enabling capital formation.

She is also tasked with positioning the exchange for a more dynamic, innovative, and globally relevant future. 

“At a time when South Africa is strengthening its investment case, the JSE remains central to connecting capital to opportunity,” it said.

The company said the JSE is well-positioned to support market development, deepen liquidity, and reinforce the country’s position in global financial markets. “Here’s to our next chapter of success,” it said.

When the CEO change was first announced, Reddy said she would focus her tenure on accelerating innovation and enhancing the JSE’s competitiveness through ongoing strategic transformation.

“I look forward to working with our talented team and valued partners to unlock new opportunities for growth and impact,” she said.

Fourie said that, having served as group CEO since 2019, she felt the time was appropriate to pass the baton to Reddy “as one of our own talents to step forward into this important leadership role”.