Capitec CEO and co-founder to retire

Capitec CEO and co-founder Gerrie Fourie will retire in July this year after more than two decades at the company.

The banking giant announced on Friday, 28 March 2025, that Fourie will step down at Capitec’s annual general meeting to be held on 18 July 2025. 

Fourie has been part of the executive management team for the past 25 years. 

In 2000, businessman Michiel Le Roux approached Fourie to join Capitec Bank. He served as Chief Operating Officer (COO) until he became CEO on 1 January 2014.

When Capitec was founded in 2001, it focussed primarily on 1-month lending. At the time, it only had 55 branches and 25,000 clients.

Under Fourie’s leadership, Capitec has become one of the most formidable banks in the country, with over 24 million clients and nearly 900 branches.

“It has been an extraordinary privilege to lead Capitec through a period of tremendous growth and transformation,” Fourie said in a statement on LinkedIn.

The company said Fourie’s leadership has been instrumental in fostering a culture of innovation and growth at Capitec. 

“Gerrie has built a strong and diverse leadership team poised to carry the bank into the future,” it said. 

To this end, Capitec’s executive structure was expanded to establish divisional executive teams responsible for the retail bank, business bank, insurance company and strategic initiatives. 

“Over the past four years, as we diversified our business, we put in place a strong leadership structure across our personal bank, business bank, insurance company and strategic initiatives,” Fourie said.

“This has built a deeply experienced executive team, one I have full confidence in to lead us forward.”

Capitec chairman Santie Botha commended Fourie for his exceptional leadership and strategic vision. 

“The Boards thank Gerrie on behalf of all stakeholders for his unwavering dedication and the transformative impact that he has had on Capitec,” she said.

Capitec also announced that Graham Lee will succeed Fourie on 19 July 2025. 

Lee is 50 years of age and has been a member of Capitec’s executive team since 2022. 

He joined Capitec in 2003 and has held numerous strategic positions in credit, technology and data, retail operations, and, most recently, as Group Executive of the Retail Bank division.

“Gerrie and Graham will continue to work closely together over the next four months to ensure a smooth transition,” the company said.

Lee holds BBusSci (Hons) and MBA degrees and is a Chartered Management Accountant. 

He has over 25 years of experience in various financial and technology businesses across five countries: Zimbabwe, the United Kingdom, Australia, Nigeria, and South Africa. 

He started his career in investment banking in Zimbabwe in 1997 before continuing in London with Morgan Stanley International. 

His career outside of Capitec includes financial software development and data analytics in Australia and leading a micro-finance bank in Nigeria. 

He also lectured part-time for the MBA programme of the University of Stellenbosch Business School.

Lee will join the Capitec and Capitec Bank Boards effective 19 July 2025.

Basani Maluleke will succeed 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.

“Our business is in excellent hands. We have a clear strategy, a strong culture, and incredible people, all driven by the purpose of making a meaningful difference in people’s lives and helping our country grow,” Fourie said.

“I remain committed to Capitec and will support Graham and the broader team through this transition.”