Capitec co-founder and CFO to retire in June
André du Plessis will be replaced by Grant Hardy, who heads the group services financial unit
Capitec Bank co-founder and CFO André du Plessis will retire in June after 22 years with the banking group that has been widely credited for shaking up the retail banking space in SA.
"It’s been a tough yet enjoyable experience. I think many people underestimate the complexity of starting a new bank," said du Plessis on Wednesday during the interview.
"But our four principles, which are simplicity, affordability, accessibility and personal service, have guided us well up to this point. Capitec is the financial friend of the people."
Du Plessis will be replaced by Grant Hardy, who heads the group services financial unit.
“As part of the strategy to preserve Capitec’s unique culture, significant effort is made to develop our own people with specific focus on talented individuals with potential to lead the company in the future,” Capitec said in a statement
“Where possible, significant positions are filled from within the group. Most co-founders who retired, were replaced by individuals from within the group.”
Hardy, who is a A chartered accountant, joined Capitec in 2015 and held various roles in the financial management division at the bank.
In 2018, he co-led the due diligence that led to the acquisition of Mercantile with Du Plessis.
Capitec said Hardy was among the individuals identified and shortlisted over the past four years to succeed Du Plessis. He takes over the new position in July.
Founded in 2001 by investment holding company PSG and listed on the JSE in 2002, Capitec has successfully entrenched itself in the banking space, which Standard Bank, Absa, FirstRand’s FNB and Nedbank dominated for years.
It has active has an active client base of about 16.18-million, which according to CEO Gerrie Fourie is equivalent to 45% of the 35-million adults who bank in SA.
“It’s strange to think that Capitec has only been around since March 2001 while competitors have been around for decades if not centuries. It’s ubiquitous and has gate crashed the so called Big Four," said Jeremy Sampson, managing director at Brand Finance Africa
"When you have executives at the top who are marketing savvy, provide visible leadership and remain totally focussed it shows what can be achieved."
In December, Capitec overtook Standard Bank for the first time to become SA’s second biggest bank by market value. its shares were relatively flat in mid-afternoon trade at R2,157.65, valuing Capitec a staggering R249.6bn. FirstRand occupies the pole position at R363bn at current prices of R64.17.
The article has been updated with more information and the share price.
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