Capitec Bank, South Africa’s largest bank by customer base, has announced the retirement of its long-serving CEO and co-founder, Gerrie Fourie, effective July 2025. This transition marks a significant milestone for the bank, which has seen remarkable growth under Fourie’s leadership.
Fourie, who has been part of Capitec’s executive management team for 25 years, will officially step down at the bank’s Annual General Meeting (AGM) on July 18, 2025. His successor, Graham Lee, currently the group executive of the retail bank division, will take over on July 19.
Since becoming CEO in January 2014, Fourie has overseen the transformation of Capitec from a challenger bank with 5 million customers to a leading financial services provider boasting a customer base of over 24 million. This growth has not only positioned Capitec among the “Big 5” banks in South Africa but has also allowed it to diversify its offerings from basic retail banking and micro-lending to a comprehensive suite of digital banking services.
Fourie’s tenure at Capitec began when the bank was launched in 2001, where he initially served as head of operations. His leadership has been characterized by a commitment to innovation and customer service, which has been pivotal in fostering a culture that encourages growth and expansion. According to Capitec’s board, “Fourie has built a strong and diverse leadership team poised to carry the bank into the future.”
In recognition of Fourie’s contributions, Capitec’s chairman, Santie Botha, praised his exceptional leadership and strategic vision, stating, “Gerrie’s leadership has been instrumental in fostering a culture of innovation and growth at Capitec.” The board also expressed gratitude for Fourie’s unwavering dedication and transformative impact on the bank.
As Fourie prepares for retirement, he will work closely with Lee over the next four months to ensure a smooth transition. Lee, who is 50 years old, has been with Capitec since 2003 and has held various strategic roles within the organization. His experience includes leadership positions in credit, technology and data, and retail operations. Most recently, he served as the group executive of the Retail Bank division.
Lee holds a Bachelor of Business Science (Honours) and an MBA, and is a Chartered Management Accountant. His background includes significant international experience, having worked in financial and technology sectors across five countries, including Zimbabwe, the United Kingdom, Australia, and Nigeria. Lee began his career in investment banking in Zimbabwe in 1997 and later worked with Morgan Stanley International in London. His career outside of Capitec also encompasses financial software development and data analytics in Australia, as well as leading a micro-finance bank in Nigeria.
In addition to Lee’s appointment, Basani Maluleke will take over as Group Executive for the personal bank division, succeeding Lee. Maluleke joined Capitec in 2021 and previously served as CEO of African Bank, bringing extensive experience from her role as Divisional Executive Operations over the past four years.
As Capitec looks to the future, the leadership transition comes at a time when the bank is poised for further growth. The executive structure has been expanded to establish divisional executive teams responsible for various segments, including the retail bank, business bank, insurance company, and strategic initiatives. This strategic move aims to enhance the bank’s operational efficiency and customer service.
Fourie’s retirement signifies the end of an era for Capitec, as he is the last of the bank’s original founders to exit management. The bank was established by Fourie along with Michiel le Roux, Jannie Mouton, and Riaan Stassen, who served as the first CEO until 2004. Stassen transitioned to the role of chairman from 2007 to 2016, before handing the reins to Fourie.
Under Fourie’s guidance, Capitec has not only grown in customer numbers but has also diversified its product offerings significantly. The bank has evolved into a fully-fledged digital bank and financial services provider, catering to a wide range of customer needs. This transformation reflects a broader trend within the banking industry, where digital innovation and customer-centric services are increasingly essential for success.
As the banking landscape continues to evolve, Capitec remains committed to adapting and innovating to meet the needs of its customers. The leadership transition from Fourie to Lee is expected to further this commitment, ensuring that Capitec maintains its position as a leader in the South African banking sector.
In summary, the retirement of Gerrie Fourie marks a pivotal moment for Capitec Bank. His legacy of innovation and customer service has set a high standard for Graham Lee as he steps into the role of CEO. With a strong leadership team in place and a clear vision for the future, Capitec is well-positioned to continue its trajectory of growth and success in the years to come.
