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Capitec Bank is very much a South African success story.

Michiel Le Roux, who founded Capitec in 2001 and worked as CEO until 2004, is the fifth wealthiest South African with a net worth estimated to be around $1,7 billion (around R26 billion).

He’s not the only person who has made a pretty penny from the rapid growth of the bank. Earlier this month, Capitec announced that co-founder and chief financial officer André du Plessis will retire from the group come the end of June this year.

Du Plessis is credited with writing the original Capitec business plan.

There will be a six-month handover between du Plessis and the man taking over his role, Grant Hardy, before the former departs the company.

He does so with more than 900 000 Capitec shares to his name, or a holding of 0,78%, according to the bank’s latest annual report.

Moneyweb has crunched the numbers:

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.

Just shy of R2 billion in shares is a great way to hang up your boots.

Du Plessis has already sold shares over the years, flogging R45 million worth in late 2019 and other R188 million through one of his investment vehicles in January 2020.

Current Capitec CEO Gerrie Fourie holds shares valued in excess of R2 billion.

[source:moneyweb]