Capitec co-founder and CFO retires

Capitec has announced that one of its co-founders and chief financial officer, André du Plessis, will retire from the group at the end of June 2022.

Du Plessis has been part of Capitec for 22 years, having joined in 2000 as a co-founding member of the bank, with other partners including billionaire Michiel le Roux. He was appointed financial director in 2002 and has also served as the chief financial officer for the group.

Grant Hardy, group services financial head at Capitec Bank, is the designated CFO and FD to succeed Du Plessis from 1 July 2022, the bank said.

Hardy is a chartered accountant who completed his articles with Deloitte in Johannesburg in its financial services team. He spent eight years working in the banking sector in the United Kingdom before returning to South Africa and joining Capitec Bank in 2015.

He has fulfilled various roles in the financial management division at Capitec Bank, and in 2019 occupied a development seat on the Executive Committee allowing him to gain extensive insight into the Group.

In his current role, he is responsible for budgeting and forecasting, costing, financial modelling, pricing, provisions and treasury functions. Additionally, in 2018, he co-led the due diligence for the acquisition of the Mercantile group with Du Plessis, Capitec said.

“(Hardy) was amongst the individuals who were identified and shortlisted over the last four years to succeed (Du Plessis). Over this period, Du Plessis worked closely with the candidate successors to ensure that they gain appropriate depth of insight into the Capitec group and to evaluate their respective performances on a continuous basis,” the bank said.

Hardy is set to work alongside Du Plessis over the next six months to ensure a seamless transition. A detailed handover plan was developed and will be followed, the bank said.


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Capitec co-founder and CFO retires