The board of Capitec, the JSE-listed low cost bank, on Wednesday said CEO Riaan Stassen would retire by the end of this year after turning 60 last month.

Stassen is one of the founders of South Africa’s most successful retail bank which was launched in 2000.

He will stay on as a non-executive director of the bank after his retirement.

Capitec has altered the landscape of South African banking by offering a distinctive banking feel through product, service and price.

During Stassen’s term in office, Credit Suisse named Capitec a Great Brand of Tomorrow in 2010.

Sunday Times, South Africa’s biggest newspaper in terms of readership, last year named Capitec topmost performing firm of the Top 100 firms listed on the Johannesburg bourse.

This award was based on the 5 year share price performance of the bank.

Michiel le Roux, the chair of Capitec, showered Stassen with praise on Wednesday, saying Stassen is an excellent businessman who launched a rare South African bank.

The bank has won over more than 5 million customers in a very cutthroat sector during the period between 2000 and 2013.

In addition, Le Roux claimed the bank had created more than 8000 new employment opportunities in South Africa during Stassen’s leadership.

The board said Gerrie Fourie will succeed Stassen. Fourie will start his term in January next year.

“Riaan and Gerrie will co-operate over the next three months to ensure a smooth transition from one CEO to the next,” le Roux said in a statement.

Fourie (49) has been part of the executive committee of the bank since the bank’s launch in 2000.

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