Abel Sithole appointed PIC CEO

Cabinet has approved the appointment of Abel Sithole as the head of PIC.

https://www.gepf.gov.za/executive-committee/

JOHANNESBURG - There's a new CEO at the helm of the Public Investment Corporation.

Cabinet has approved the appointment of Abel Sithole as the head of PIC.

“The Minister of Finance, Mr Tito Mboweni, is pleased to announce that Cabinet has approved that the Board of Directors of the PIC proceeds with the appointment of Mr Abel Moffat Sithole as the CEO of the PIC and Executive Director on the Board of Directors for a period of five years,” said a statement from the Ministry of Finance.

SUMMARY: Unpacking the PIC inquiry report

He replaced Dan Matjila, who was implicated in the PIC inquiry report.

The report found there has been substantial impropriety at the asset manager as well as an abuse of power by Matjila.

Sithole is currently the Principal Executive Officer of the Government Employees Pension Fund and the Commissioner of the Financial Sector Conduct Authority.

Source
eNCA