Interviews

Nicky Newton-King is the former CEO of the Johannesburg Stock Exchange (JSE), the largest stock exchange in Africa. Holding various executive positions for 15 years before becoming the JSE’s first female CEO from 2011-2019, Newton-King is recognized for modernizing the exchange and advocating for greater social and environmental responsibility in South African business. Her initiatives, including the implementation of the JSE's Socially Responsible Investment Index, not only transformed the exchange, but also set a global standard for others to follow.

Newton-King begins her interview by reflecting on her early life during apartheid in South Africa. She discusses the influence of her father’s career as a lawyer and emphasizes how she viewed her mother, a professional farmer, as a critical role model. Growing up, she recalls the political and social activism of her parents, with frequent discussions around the dinner table surrounding the responsibility that comes with privilege and the struggle for freedom fought by Black South Africans. Newton-King decided to pursue a career in law, arriving at Stellenbosch University in 1985 to obtain a BA and LLB (Bachelor of Arts and Bachelor of Laws). Describing the atmosphere during the final years of apartheid, she discusses how the university at the time was primarily white and Afrikaans. She recalls conversations among Afrikaans students who debated what their responsibility should be towards driving change, especially as many needed to confront families that had supported apartheid for decades.

Days prior to finishing her second law degree in 1989, Newton-King lost her father to a farming accident. She speaks about the impact this had on her, as she describes having to find her own way without the important figure in her life which had motivated her to purse law. After taking a year off, she returned to work as a clerk at Webber Wentzel, one of South Africa's “big five” firms. With the JSE as her first client, she worked on the legal processes that led to the deregulation of the stock exchange and professionalization of financial markets in South Africa. After this role, she proceeded to obtain her LLM from the University of Cambridge in the UK in 1994. Newton-King then returned to South Africa and became a partner at Webber Wentzel. She elaborates on her excitement upon coming back, as the country found itself in the middle of a fundamental political and social transformation with the end of apartheid. Furthermore, she defines this period as one that shaped her own leadership style, noting her views that an institution or company’s “social license to operate” is more important than its legal license.

Newton-King continues by speaking about the circumstances which led to her career at the JSE. The exchange had been looking for an in-house lawyer, and she decided that she could have the greatest impact in this role. Rising through the ranks, she outlines the process of consolidating the other exchanges in the country as she led the transformation of the organization from a traditional, white, and male-dominated entity into one that was diverse and representative of South Africa. She highlights the importance of this process not just from the perspective of numerical diversity, emphasizing that it allows for different perspectives which enhance problem-solving capabilities.

Newton-King proceeds to describe South Africa’s significant political and economic shifts through her tenures as deputy CEO and then CEO until 2019. She prefaces this by outlining the history of the early post-apartheid era, which brought the country a spirit of optimism. However, later economic challenges including the 2008 global financial crisis and the change in leadership to President Zuma, led to a much more challenging atmosphere. She explains how the realities of state capture became evident, and how the hollowing out of state enterprises led to dark period with lower business confidence. Highlighting this difficult time, Newton-King suggest that business has the power to actively influence government policies for economic growth, and that doing so is crucial towards the future of the country.

In 2019, Newton-King decided to step down from her position as CEO of the JSE. Explaining her decision, she contends that leaders should not become the organization. With the COVID pandemic occurring soon after her departure from the JSE, Newton-King decided to leverage her network and resources to focus on education, providing educational content through television programs. This enabled students who could no longer attend in-person classes to pass the exams needed to get into South African universities. Her commitment to education persists through her current role as Chair of Council at her alma mater, Stellenbosch University. She concludes by emphasizing the pivotal role that education plays towards shaping South Africa’s future, underscoring the important combination of exceptional research capabilities and a commitment to societal contribution.

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