Capitec’s former CEO Gerrie Fourie is set to make a quick comeback to the group he led for more than a decade in the new role of non-executive director with effect from August.
The lender said it will ask its shareholders at the annual general meeting (AGM) on July 31 to confirm Fourie’s appointment.
“The boards are pleased to have Gerrie return to Capitec. He brings deep institutional knowledge, strategic insight and extensive banking experience to the board, supporting effective oversight and continuity,” Capitec said.
“Gerrie is an experienced banking executive with 26 years’ experience in the financial services sector. He joined Capitec Bank in 2000 and served as head of operations until his appointment as CEO in 2014.
“He held the CEO role until his retirement in July 2025. In 2019, Gerrie was named Business Leader of the Year at the Sunday Times Top 100 Companies awards.”
Fourie retired as CEO in July last year after a stellar run as CEO, a period in which he presided over a surge in the share price and profitability, adding nearly 20-million new customers during his tenure.
Under his stewardship as CEO, Capitec transformed from a challenger bank serving 5-million clients to South Africa’s leading digital bank and a diversified financial services provider serving more than 25-million clients.
He will join fellow former Capitec CEO and founder Michiel le Roux on the board. Le Roux, one of Capitec’s largest shareholders, is said to have handpicked Fourie as CEO. The success of Capitec under Fourie has seen Le Roux’s wealth explode, with Forbes valuing him at $3.5bn.
Capitec’s board is chaired by Santie Botha, while Fourie handed the reins of the Stellenbosch-based lender to Graham Lee.
Former banking CEOs transitioning to non-executive roles is not something new in South Africa. Standard Bank’s erstwhile CEO Jacko Maree later transitioned to a non-executive director role, eventually taking up the role of deputy chair. Maree is set to retire at the conclusion of the bank’s AGM in June.
FirstRand chair Johan Burger also transitioned to this role after serving as a former CEO of the group, as did Absa chair René van Wyk, who previously served as interim group CEO.
The transition is not without its risks, as it requires a fundamental shift from operational “doing” to strategic “questioning”, moving from day-to-day management to governance and oversight.
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.