One of South Africa’s largest retail banks, Capitec Bank, has announced the retirement of its CFO, Andre Du Plessis, a leading South African businessman who played a seminal role in its founding and expansion as a leading player in the financial services industry.
A press statement issued by the Stellenbosch-based bank revealed that Du Plesis will exit his position at the end of June after reaching the retirement age of 60 on Jan. 14.
The executive, who joined Capitec as a founding member in 2000, was appointed to the boards of Capitec and Capitec Bank on May, 2, 2002.
In line with the bank’s policy, the board has approved the appointment of Grant Hardy, a senior finance executive in the bank, as the designated CFO who will succeed Du Plessis on July 1.
This is common practice at the bank, as the board has replaced most of the co-founders who retired with individuals from within the group.
Upon his appointment, Hardy, who fulfilled various roles in the financial management division at Capitec Bank, and occupied a development seat on the Executive Committee in 2019, will work closely with Du Plesis in the transition period.
The board believes his addition to the board will play a key role in the group’s next phase of growth and expansion.
Du Plessis co-founded Capitec Bank with South African billionaire Michiel Le Roux and leading businessmen Jannie Mouton and Riaan Stassen in 2001.
Over the past 22 years, the bank has grown into a globally recognized financial services group in South Africa with a total asset of R166.75 billion ($10.85 billion) and shareholder wealth of around R31.96 billion ($2.08 billion) as of Aug. 30, 2021.
In early 2021, Du Plessis held a beneficial 0.78-percent stake, amounting to 900,595 ordinary shares in the leading retail bank.
During the year, Du Plessis acquired an additional 17,381 shares valued at R30.94 million ($2.01 million).
The share acquisition saw his stake rise from 900,595 to 917,976 ordinary shares at the end of 2021.
The market value of his stake in the bank is valued at R2.69 billion ($128.81 million).
