In a move that caught many by surprise on Friday, Capitec Bank Holdings named Graham Lee as the group’s new Chief Executive Officer (CEO) to succeed Gerrie Fourie, who is set to retire in July.
Lee joined Capitec in 2003 and has held several key strategic positions within the company, including roles in credit, technology and data, personal banking operations, and, most recently, as a member of the Group Executive Committee.
He will join the Capitec and Capitec Bank Boards effective July 19, 2025.
The bank confirmed that Fourie, who has been with Capitec for more than 25 years, will retire at the bank's annual meeting on July 18, 2025. The bank praised his contribution to its growth.
"Under his stewardship as CEO, Capitec transformed from a challenger bank serving 5 million clients to South Africa’s leading digital bank and a diversified financial services provider serving over 24 million clients. Gerrie’s leadership has been instrumental in fostering a culture of innovation and growth at Capitec," the bank said in a statement.
The statement also acknowledged Fourie’s efforts in building a strong and diverse leadership team, equipped to guide the bank into the future.
"Gerrie has built a strong and diverse leadership team poised to carry the Bank into the future. To this end, the executive structure was expanded to establish divisional executive teams responsible for the retail bank, business bank, insurance company and strategic initiatives leaving a strong senior leadership team enriched with expertise, experience and deep institutional knowledge."
What you need to know about Graham Lee, Capitec's incoming CEO
According to Capitec, Graham boasts an impressive professional background, holding BBusSci (Hons) and MBA degrees, as well as being a Chartered Management Accountant.
He has over 25 years of experience, having worked in various financial and technology businesses across five countries, including Zimbabwe, the UK, Australia, Nigeria, and South Africa.
His career spans investment banking, financial software development, data analytics, and leading a micro-finance bank, with a stint as a part-time lecturer at the University of Stellenbosch Business School.
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