By Lehlohonolo Lehana.
Capitec Holdings announced that former Chief Executive Officer (CEO) Gerrie Fourie will join the bank’s board as a non-executive director starting 1 August 2026.
Fourie’s appointment is subject to shareholder confirmation at the bank’s upcoming Annual General Meeting (AGM) at the end of July 2026.
Under his leadership, the bank grew into one of South Africa’s most formidable financial institutions, amassing nearly 26 million clients.
He retired from the CEO role on 18 July 2025 during Capitec’s AGM, with Graham Lee named as his successor.
“The boards are pleased to have Gerrie return to Capitec,” the company said.
“He brings deep institutional knowledge, strategic insight and extensive banking experience to the board, supporting effective oversight and continuity.”
Fourie’s tenure as CEO began in January 2014, when he took over from the bank’s pioneering CEO and one of its founders, Riaan Stassen. Stassen retired at the end of 2013 after he turned 60 during the year.
He had been part of the executive management team of the bank for 25 years (prior to becoming CEO, he was responsible for Sales and Operations, which included its branch network).
As CEO, he led the acquisition of SME-focused Mercantile Bank in 2019; its operations were rebranded to Capitec Business in 2024.
He also spearheaded its expansion to Europe and Latin America, when it bought 40% of consumer lending business Avafin (previously Cream Finance) in 2017. In 2024, it increased this to a controlling shareholding (97.69%).
Following retirement, Fourie still retains a substantial number of options and SARs. Under the bank’s remuneration policy, because he took ‘early retirement’ (defined as between 60 and 64 years), “75% of share options and SARs awards will vest at the original future vesting dates”.
He was paid a total of nearly R155 million in the year to the end of February 2026. The bulk of this, R145.96 million, was from the vesting of shares in the bank’s long-term incentive scheme.