Capitec Bank has officially announced that its Chief Executive Officer, Gerrie Fourie, will retire during the bank’s annual general meeting scheduled for 18 July 2025. Fourie has been an integral part of the executive management team for an impressive 25 years, playing a pivotal role in the bank’s evolution from a challenger bank with a modest client base of 5 million to one of South Africa’s “Big 5” banks, now serving over 24 million clients.
As a founding member of Capitec, Fourie initially took on the role of head of operations when the bank was launched in 2001. His career in the financial sector began in 1987 at Stellenbosch Farmers’ Winery, where he worked in the financial department. He quickly advanced to become the area general manager for KwaZulu-Natal and later for Gauteng, showcasing his leadership abilities early on.
In 2014, Gerrie Fourie ascended to the position of Group CEO, following the departure of co-founder Riaan Stassen in 2013. Throughout his tenure, Fourie has not only led Capitec but has also contributed to the broader financial community by serving on the Mastercard Middle East and Africa advisory board, as well as on the board of Avafin.
Under Fourie’s guidance, Capitec underwent significant structural changes, including the expansion of its executive framework to establish divisional executive teams responsible for various segments such as the retail bank, business bank, insurance company, and strategic initiatives. This restructuring has fostered a robust senior leadership team, rich in expertise and institutional knowledge, providing a solid foundation for identifying a suitable successor.
Santie Botha, the chairman of Capitec, praised Fourie for his outstanding leadership and strategic foresight, acknowledging the transformative impact he has had on the bank. The Capitec board expressed its gratitude to Fourie on behalf of all stakeholders for his unwavering commitment and the remarkable changes he has implemented during his tenure.
In a significant transition, the board announced that Graham Lee will succeed Fourie as CEO, effective 19 July 2025. At 50 years old, Lee has been a member of the group executive team since 2022 and has been with Capitec since 2003. Over the years, he has held various strategic roles in credit, technology and data, and retail operations, most recently serving as the Group Executive of the Retail Bank division.
To ensure a seamless transition, Fourie and Lee will collaborate closely over the next four months. Following the transition, Lee will also join the Capitec and Capitec Bank Boards on 19 July 2025. Graham Lee, the incoming CEO, holds a Bachelor of Business Science (Honors) and an MBA, and is a Chartered Management Accountant. He brings over 25 years of experience in various financial and technology sectors across five countries, including Zimbabwe, the United Kingdom, Australia, Nigeria, and South Africa.
Lee began his career in investment banking in Zimbabwe in 1997 before moving to London to work with Morgan Stanley International. His professional journey outside of Capitec includes roles in financial software development and data analytics in Australia, as well as leading a micro-finance bank in Nigeria. Additionally, he has contributed to academia by lecturing part-time for the MBA program at the University of Stellenbosch Business School.
