Capitec Bank announced on Wednesday that it has appointed Group Services Financial Head, Grant Hardy, to be a chief financial officer (CFO) and financial director (FD) designate.
Hardy replaces André du Plessis, Co-Founder of Capitec, who will retire on 30 June 2022.
Hardy is a chartered accountant who completed his articles with Deloitte in Johannesburg in their Financial Services team. Following this, he spent 8 years working in the banking
sector in the UK 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 he occupied a development seat on the Executive Committee allowing him to gain extensive insight into the Group.
In his current role, Hardy is responsible for the 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 André.
Talent management and succession planning form an integral part of broader risk management at Capitec, said the bank.
“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. Where possible, significant positions are filled from within the Group.
“Most Co-Founders who retired, were replaced by individuals from within the Group.
“Hardy was amongst the individuals who were identified and shortlisted over the last 4 years to succeed André. Over this period, André 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.”
Capitec said over the next 6 months, Hardy 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 Board is pleased with Grant’s appointment as André’s successor and is confident that his experience and intimate knowledge of the Group will support the continued growth of