At an emotional AGM, the bank’s long-serving CEO and founding member stepped down after 25 years.
On Friday, 18 July, Capitec’s now-retired CEO Gerrie Fourie stepped onto the stage at the bank’s annual general meeting (AGM) in Stellenbosch for the final time, marking the end of a 25-year journey with the company he helped build from the ground up.
From the outset, Capitec chair Santie Botha made it clear that this would not be a routine AGM.
Botha’s opening address set the tone for an emotionally significant farewell to one of the bank’s most influential figures.
She said Fourie was hand-picked by Capitec co-founder Michiel le Roux in 2000 to be part of the executive team that would build a new kind of bank.
“Over the past six years, I’ve had the privilege of working closely with Gerrie and observing his modus operandi first-hand,” Botha added. “He is a phenomenal leader and CEO. His approach to business is unique and he sets a very specific tone from the top.”
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Fourie built what Botha called an “A-team” of leaders, with zero tolerance for non-performance.
He demanded a deep understanding of the business and was known for challenging assumptions, asking difficult questions, and drilling into the detail when needed, she added. He recognised when the numbers didn’t add up and always pushed for clarity and accountability.
Although he was guided by vision and long-term strategy, Fourie believed nothing beats decisiveness and execution delivered at speed.
“Thank you, Gerrie, for dreaming big and showing South Africa what is possible with dedication and focus. Over to you,” said a visibly emotional Botha.
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Reflection
Fourie’s presentation began in his characteristic relaxed and engaging manner, as he shared the latest performance statistics and milestones achieved under his leadership.
But the tone soon shifted as he began to reflect on the people who made the journey meaningful.
“To the Capitec team, it was a tremendous 25 years working with you,” said Fourie.
He recounted how, during a systems outage in August 2022, staff worked around the clock to restore services.
Further, “Our consultants don’t close a branch at 5pm. They wait until the last client leaves. That is our family.”
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Gratitude and pride
Fourie thanked his executive team and the Capitec board for their trust and support.
“You know, I actually thought this morning – everything I asked for, I got. And I know it sounds windgat [like a braggart],” he said, laughing.
He highlighted the decision to invest in 2020, during the uncertainty of the Covid-19 pandemic, when other companies were pulling back.
“It was scary. But over three years, we invested an additional R6 billion – and that is how we created what Capitec is today.
“The board’s boldness and decisiveness helped us get there.”
Fourie then turned to his family. “This is the difficult part,” he said, his voice wavering.
He thanked his wife, Reinie, for supporting his career and creating the space he needed to focus entirely on Capitec. “From my side … thank you. And to my dad – my biggest supporter.”
He concluded with a tribute to his successor, Graham Lee.
“Graham started in 2002 as my business analyst. He couldn’t speak a word of Afrikaans,” Fourie joked.
But, he said, Lee brought all the right qualities to lead Capitec into the future – from technological insight and data fluency to execution ability and, “most importantly, a passion for people”.
“It’s a privilege to hand the baton to you,” he said tearfully as the audience rose in a standing ovation.
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This article was republished from Moneyweb. Read the original here.