EDITORIAL: Gerrie Fourie’s legacy of excellence

Capitec has delivered a textbook example of corporate governance with its planned leadership change. Gerrie Fourie, the bank’s outgoing CEO, leaves behind an enviable legacy — one defined by growth, ruthless commitment to efficiency and unparalleled client expansion. His successor, Graham Lee, steps into the role with the groundwork firmly laid for the next frontier: business banking. 

Under Fourie’s tenure, Capitec has transformed from an upstart lender into one of the country’s systemically important banks, boasting more than 24-million clients. The numbers speak for themselves: share price growth; profitability; and acquisitions have all surged during his time at the helm. Yet, the true hallmark of his success lies not only in the financial metrics but in the culture of taking calculated risks he cultivated and the robust leadership team he built to carry that ethos forward. 

Capitec’s orderly succession is increasingly becoming a rarity in corporate SA, where leadership changes can often be abrupt, leaving companies rudderless in turbulent seas. A company that immediately comes to mind is Absa, Capitec’s Johannesburg-based rival, at which executive transitions play out with all the grace of a bull in a china shop.

Absa has since brought in Kenny Fihla, Standard Bank’s deputy CEO, hoping an outsider, free from the burden of history that hobbled the lender, would put an end to the churn.

Capitec’s succession planning, led by chair Santie Botha, is more than meticulous. It is exemplary, echoing the kind of strategic foresight that every company should aspire to.  

Lee’s rise to the C-suite is, by all accounts, a natural progression. With more than two decades’ experience across financial and tech sectors, his expertise is tailored to lead Capitec into its next phase of growth.

His background in data analytics, credit and retail banking positions him well to tackle the burgeoning opportunity in business banking.  Capitec’s move into this space is a logical evolution, particularly in a country such as SA, where small and medium enterprises represent a vital, yet underserved, segment of the economy.  

Of course, Lee’s task is far from simple. Informal business dominates the small business sector, making it hard to track their financial health and to lend with prudence for risk-adjusted returns. Still, the Stellenbosch-based bank has accumulated almost 2-trillion data points that are used to create value beyond basic retail banking.

The lender has spent about R6.3bn over the past three years replatforming its IT systems for stability, agility and scale and systems for Amazon Web Services (AWS) cloud-developed innovative payment solutions.

Lee’s challenge will be to use this robust infrastructure and vast data pool effectively for small businesses while ensuring cost efficiency and simplicity — the hallmarks of Capitec’s brand.  

As Fourie takes his well-earned bow, the lesson is clear: visionary leadership doesn’t just deliver results; it builds structures that outlast the leader.

Capitec’s succession planning is a case study in how thoughtful governance can ensure that the baton is passed seamlessly, setting up the next generation for success.   

Under Lee’s stewardship, Capitec has the potential to redefine its role in the broader economic recovery of SA.

The stage is set. Now, it’s up to Lee to turn the page on this compelling narrative — and write the next chapter.