Capitec CFO and co-founder, Andre du Plessis to retire after over 20 years

Capitec Bank on Wednesday announced that the group’s co-founder, CFO and financial director, André du Plessis will down his tools after 22 years with the group, effective June 30, 2022.

Du Plessis will be succeeded in both the CFO and financial director positions by current group services financial head, Grant Hardy. Hardy will be stepping into his new boots on July 1, 2022.

Du Plessis joined the bank as a co-founding member in 2000 and stepped into the CFO position in 2002.

Read: Capitec co-founder extends hedge over R2.5bn stake

Hardy – a chartered accountant with international banking experience – has been preparing for this succession by working closely with Du Plessis for the last four years.

“As part of the strategy to preserve Capitec’s unique culture, significant effort is made to develop our own people with specific focus on talented individuals with potential to lead the company in the future,” the group said in a Sens statement.

“Over the next 6 months Grant will continue to work shoulder-to-shoulder with André to ensure a seamless transition. A detailed handover plan was developed and will be followed,” the group added.

Hardy spent eight years working in the banking sector in the United Kingdom and returned to South Africa in 2015 to join Capitec. He has since filled various roles in the financial management division, further occupying a development seat on the group’s executive committee.

“In his current role he is responsible for the budgeting and forecasting, costing, financial modelling, pricing, provisions and treasury functions,” Capitec noted.

Capitec is one of South Africa’s biggest retail banks and the country’s most expensive share listed in the banking sector on the JSE.

Listen: Capitec: Great results but costs a concern

The group’s share price slumped 1.66% to R2 122.97 as at midday on Wednesday.