The Capitec Board announced today that Gerrie Fourie, founding member and CEO of Capitec since January 2014, will retire at the Annual General Meeting of shareholders to be held on 18 July 2025.
Fourie has been on the executive management team for the past 25 years.
Under his stewardship as CEO, the company transformed from a challenger bank serving 5 million clients in 2014 to South Africa’s leading digital bank and a diversified financial services company serving over 24 million personal and business clients.
“Gerrie has provided exceptional leadership and strategic vision,” said Santie Botha, Chairman of Capitec’s Board. “He has not only facilitated significant growth and innovation but has also built a strong and diverse leadership team poised to carry the Group into the future.”
Fourie has managed significant challenges during his time as CEO, and his leadership has been instrumental in fostering a culture of resilience, innovation, and growth within the company.
As the organisation diversified over the last four years, he expanded the executive structure to include divisional executive teams responsible for the personal bank, business bank, insurance company, and strategic initiatives. This change built a strong senior leadership team enriched with expertise, experience and deep institutional knowledge.
Fourie expressed, “It has been a privilege to be a part of the Capitec journey since day one, and to lead the company through such extraordinary times over the past 11 and a half years. My passion has always been to build a business that innovates with the purpose of serving the needs of South Africans, and to help our country grow. I believe that we have achieved that. I remain committed to Capitec and am incredibly proud of our achievements to date.”
The Board is pleased to announce that Graham Lee, currently the Group Executive of the personal bank division, will take over from Gerrie Fourie as the new CEO and as a member of the Board on 19 July 2025. Lee is 50 and has been a member of the Group Executive Committee since 2022. He joined Capitec in 2003 and has held numerous strategic positions in credit, technology and data, personal bank operations, and, most recently, as a member of the Group Executive Committee.
Basani Maluleke will succeed Graham Lee as Group Executive for the personal bank division. Maluleke, who joined Capitec in 2021, previously served as CEO of African Bank and brings extensive experience from her role as Divisional Executive Operations over the past four years.
“We have tremendous confidence in both Graham and Basani,” added Ms Botha. “Their deep understanding of the business and of our clients, innovative spirit, proven leadership capabilities and track record will ensure continuity and drive our strategic objectives forward. The Board is grateful to Gerrie for the incredible leadership role that he has played during his 11-and-a-half-year tenure as CEO to entrench a high-performance culture in the business, and we wish him well. He leaves a lasting legacy in Capitec, and the country.”
