Capitec co-founder Riaan Stassen to retire

Santie Botha, the chair of Curro Holdings and Famous Brands, has agreed to replace Riaan.

Riaan Stassen (pictured), one of the founders of Capitec Bank, has decided to retire at the end of May 2019, the South Africa-based commercial bank announced on Thursday.

“Riaan played an integral role in the establishment and success of the bank from 2001 to 2013 when he retired as chief executive officer of Capitec and Capitec Bank,” the company said in a statement.

Riaan has served as non-executive chairman of the boards from 2016 and will retire on May 31, 2019.

Capitec has grown to become a leading bank in South Africa that primarily serves consumers in the mass market, comprising of low to middle income consumers.

“The boards and management thank and honour Riaan for the significant role he played in the success of the Capitec group and wish him well in his retirement. His commitment and steadfast leadership will be greatly missed.”

Santie Botha, chair of Curro Holdings and Famous Brands, has agreed to join the boards from June 1, 2019 to replace Riaan as chairman of the board. She also serves as a non-executive director on the board of Telkom. She serves on the Advisory Council of the Africa Leadership University, Mauritius.

Previous positions include chancellor of Nelson Mandela University (2011-2017), non-executive director of Liberty Holdings (2013-2019) Imperial Holdings (2011-2013), Tiger Brands Holdings (2004-2017) and executive director of MTN Group (2003-2010), ABSA Bank (1996-2003) and Unilever, London, UK (1991-1996).

“Santie’s appointment will strengthen the independent element of the boards and support the continuous drive to augment board acumen,” the company said.