How much Capitec’s departing CFO’s shares are worth

André du Plessis leaves with quite a tidy stake in the bank …
André du Plessis wrote the original Capitec business plan. Image: CommunityKeepers.org

Capitec announced last week that chief financial officer André du Plessis will retire on June 30. Described by the group as a “co-founder”, he joined the bank on its establishment 22 years ago.

According to Capitec’s most recent annual report, Du Plessis had 900 595 shares in the bank. This equates to a holding of 0.78%.

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He had 67 429 options at February 28 2020, of which 13 315 were exercised in May. In exercising these, he obtained an additional 4 101 shares, bringing the total to 904 696 (he has an additional 13 313 options that mature in April).

At Friday’s closing price of R2 173.70, Du Plessis’s holding is worth R1.97 billion.

In October 2019, Du Plessis sold R45 million worth of shares (34 000) and in January 2020 one of his investment vehicles (Isaac Sachar) sold R188 million in shares (130 000).

His holding is the fifth largest among the bank’s current directors and former CEO Riaan Stassen.

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Michiel le Roux is the bank’s second-largest shareholder (after the Government Employees Pension Fund) with a holding of 11.41% (13 million shares). This is worth nearly R29 billion.

Piet Mouton, CEO of PSG Group, which prior to the unbundling of its stake to shareholders in 2020 was the bank’s major shareholder, holds nearly seven million shares (5.84% of the bank).

Based on Friday’s price, Mouton’s stake is worth R14.7 billion.

Chris Otto, one of the founding directors of PSG Group, holds 920 000 shares (0.8%). The bulk of these holdings are as a consequence of the unbundling (by virtue of their holdings in PSG).

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CEO Gerrie Fourie has just over one million shares in the bank, equating to 0.88% (worth R2.2 billion at current prices).

Directors and their associates, via a total of 28 investment vehicles, hold 19.72% of the bank.

History

Du Plessis joined Capitec as part of its first leadership group from Boland PKS.

He, together with the entire top management team of Boland under MD Stassen (who would later become CEO of Capitec) left in 2000 and joined Michiel le Roux’s new bank.

This team included Carl Fischer (marketing), Du Plessis, Christian van Schalkwyk (who headed risk management), as well as André Olivier (business development) and Chris Oosthuizen (IT).

Du Plessis wrote the original Capitec business plan.

He, Fourie and Henk Lourens (executive: retail) are the only founding members still with the bank. The rest have retired.

Du Plessis joined Capitec as “executive: financial management” and was appointed as financial director (and to the board) in 2002. Prior to Boland PKS and NBS Boland Group, he was a partner at Arthur Andersen.

Capitec’s share price ended the week 2.14% firmer, compared to the first week of 2022.

It closed slightly up on Friday, at R2 173.70 a share giving the bank a market capitalisation of just over R251.3 billion.

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Du Plessis should run the country.

Wrong surname, education, training, skills and attitude– Oh and did I mention political affiliation and skin colour ??

End of comments.

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