Stassen rides indomitable Capitec’s rise
Co-founder’s retirement brought no downturn in share price — and he is well placed to keep benefiting
In September 2013, when Capitec CEO Riaan Stassen announced his retirement from the company he had helped to set up, he owned 2-million of the company’s shares. At the time they were worth R408m. This week, 2-million Capitec shares are worth R1.4bn. On January 13, when the shares were trading at R706, Stassen sold 50,000 for R35.3m. This is substantially more than the former CEO realised when he sold 135,000 of his shares back in April 2014. That deal grossed Stassen R35m. Although he has generated well more than R150m from the sale of chunks of his Capitec shareholding since 2013, company sources say the bulk of his wealth is still in Capitec. The regular exercising of relatively cheap share options, awarded since his retirement as part of the remuneration scheme, has helped to top up his holdings.
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