By Johnathan Paoli
The Public Investment Corporation (PIC) has announced the commencement of a search for a new CEO to succeed current leader Abel Sithole, whose term will conclude in July 2025.
The country’s leading asset manager said the proactive decision aimed to facilitate a smooth leadership transition and ensure the continued success of the organisation, which managed significant pension funds for public servants and assets for the Unemployment Insurance Fund.
PIC board chairman David Masondo expressed his appreciation for Sithole’s contributions during his tenure in a statement on Thursday.
“The PIC board is grateful to Mr Sithole for his exceptional leadership and invaluable contribution to the company’s turnaround, growth and success,” he said.
Masondo said that under Sithole’s guidance, the PIC had seen remarkable progress, including the recent achievement of surpassing R3 trillion in assets under management on 26 September.
Sithole, who previously served as the head of the Government Employees’ Pension Fund and as commissioner of the Financial Sector Conduct Authority, has been at the helm since 2020.
Masondo praised his leadership as instrumental in restoring ethics and integrity within the PIC’s governance and business processes.
The board noted his pivotal role in implementing the recommendations of the Mpati Commission, which sought to enhance accountability and transparency within the organisation.
Meanwhile, the board emphasised that the search for the new CEO was not just a routine procedure, but a critical step in maintaining the organisation’s trajectory.
“We are committed to finding a dynamic, visionary and results-oriented leader who will steer the company to new heights,” Masondo said.
The board will conduct a comprehensive search for candidates with extensive experience in the asset management industry, strong strategic acumen and a proven track record of achieving sustainable business growth.
“This timeline allows us sufficient time to ensure that we appoint a CEO who can align with our vision and values while also ensuring a seamless handover of responsibilities,” Masondo said.
The PIC’s advertisement for the CEO position will be published in various media outlets over the coming weekend, with details also available on the organisation’s website.
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