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South African businessman Andre du Plessis, the former CFO and co-founder 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 R31.05 million ($1.69 million) for his pivotal role in the group’s financial performance at the end of its 2023 fiscal year.
At the end of Capitec’s 2023 fiscal year, du Plessis’ compensation package saw a sharp 48.55 percent drop compared to the previous year’s substantial R60.35 million ($3.27 million) award. This significant reduction is directly linked to his retirement from the group as CFO in June 2022.
Du Plessis’s compensation package includes a base salary of R5.41 million ($293,390, and a long-term incentive award of R25 million ($1.36 million) from the Stellenbosch-based banking group in recognition of his unwavering commitment and dedication to the group.
Although, Capitec’s 2023 fiscal year result was outstanding, with profits surpassing the $500-million dollar mark in the 2023 fiscal year, the South African businessman was not awarded a short-term incentive as he retired on June 30, 2022.
Since Capitec was founded 20 years ago by du Plessis, 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.
Beyond his executive and governance responsibilities, du Plessis owns a beneficial 0.78-percent stake in the Stellenbosch-based banking group, comprising 901,106 shares. This stake, which is presently worth more than $85 million, cements his position as one of South Africa’s most affluent bankers and business executives.
