South African executive Gerrie Fourie, the group CEO of Capitec, a leading South African bank and one of the country’s largest lenders in terms of customer base, was rewarded with a compensation package amounting to R62.09 million ($3.29 million) for his pivotal role in the group’s financial performance at the end of its 2023 fiscal year.
His compensation package declined by 33.07 percent when compared to the previous year’s total reward of R92.77 million ($4.91 million), a decrease attributed to the tough economic times on operations that took a toll on the group’s financial performance at the end of its 2023 fiscal year.
Fourie’s compensation package encompasses a base salary of R16 million ($845,978) and a performance-based short-term incentive of R5.43 million ($286,936). The latter directly results from Capittec’s outstanding financial accomplishments, with profits surpassing the $500-million dollar mark in the 2023 fiscal year.
The leading South African businessman at the helm of the billion-dollar Capitec Group also received a long-term incentive award of R39.74 million ($2.10 million) from the Stellenbosch-based banking group in recognition of his unwavering commitment and extensive expertise as a seasoned financial professional.
Fourie has effectively held the reins as group CEO and executive director of Capitec Bank Group since his appointment in March 2014. During his tenure at the helm of the leading banking group, the bank’s headline earnings have soared by 272.83 percent from R2.02 billion ($137.9 million) in 2014 to R9.71 billion ($514.13 million) at the end of the group’s in the fiscal year 2023.
Beyond his executive and governance responsibilities, Fourie owns a beneficial 0.89-percent stake in the Stellenbosch-based banking group, comprising 1,027,673 shares, which holds a market value of R1.77 billion ($93.5 million). This and his impressive compensation package make him one of South Africa’s most affluent executives.
Since Capitec was founded 20 years ago by South African billionaire Michiel Le Roux and leading businessmen Jannie Mouton and Riaan Stassen, it has grown to become one of the world’s most reputable retail banking brands, providing transactional banking services as well as loan products such as term loans, credit facilities, and credit cards.
