South Africa's second-largest provider of unsecured loans Capitec Bank Holdings Ltd. (CPI) said that it would have its new chief executive in the person of Gerrie Fourie at the end of the year. Fourie would take his new position starting January 1 next year as Riaan Stassen would be stepping down and retire.

In a regulatory filing, the lender said Fourie would be responsible for the sales and operations of the company. It would also be helming Capitec's workforce of 8,000 and would manage ZAR43 billion in assets and 600 branches.

Stassen, as "the heart of the management team that established Capitec Bank in 2000," has expressed his plans on staying in the company's board once he steps down as CEO.

Capitec's shareholders were sentimental with the announcement as its shares fell 0.8% to ZAR201.25 in the Johannesburg bourse. But General Manager Craig Pheiffer of investment at Absa Asset Management Private Clients said about the share dive, "Obviously he was iconic in that position and was the pioneering spirit behind the bank, so shareholders will be sad to see him go. But his successor has been there since the start too."