Abel Sithole named new PIC CEO

Abel Sithole has been named the new CEO of South Africa’s Public Investment Corporation (PIC), finance minister Tito Mboweni said on Wednesday.

Sithole, who is the principal executive officer of the Government Employees Pension Fund (GEPF) and the commissioner of the Financial Sector Conduct Authority (FSCA), will replace Dan Matjila, who was implicated in the damning findings of the PIC commission report.

The appointment of a new CEO comes as the PIC, which manages more than R2trn ($115bn) of government funds, pushes ahead with the process of restructuring and recovery from governance failures identified in the commission. 

Mboweni said the cabinet has approved that the board of the state-owned asset manager proceed with Sithole’s appointment as CEO and executive director for a period of five years.

The chair of the PIC, Reuel Khoza, will elaborate on the process followed for the appointment and on the terms and conditions of the employment of Sithole, he said.

Vuyani Hako, the executive head of properties has been the acting CEO.

“We thank Hako for his contribution at the PIC, steering the organisation through very difficult times. We also congratulate Sithole on his appointment as CEO and wish him well in leading the organisation and in restoring its integrity,” Mboweni said.

Before joining the GEPF in 2015, Sithole was a deputy executive director at the Institute of Futures Research, University of Stellenbosch Business School. He also has a number of non-executive roles.