The board of the Public Investment Corporation (PIC) has announced the search for a new CEO to replace Abel Sithole, whose tenure will conclude in July 2025.
According to Deputy Finance Minister David Masondo, who is also the PIC board chairperson, this would allow for a swift transition considering that there were only eight months left until Sithole’s contract came to an end.
Masondo claims that the board was dedicated to finding a dynamic, visionary, and results-driven leader to elevate the company.
He said the PIC will conduct a thorough search to identify candidates with the necessary expertise in asset management, strategic insight, and a proven history of fostering sustainable business growth.
Masondo said the PIC board appreciates Sithole’s outstanding leadership and significant contribution to the company’s turnaround, growth, and success throughout his time in office.
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“Mr Sithole played a pivotal role in expanding the company’s market presence, restoring ethics and integrity to the PIC’s investment, governance, business processes, and ensuring that the recommendations of the Mpati Commission were implemented, and in the consistent growth in assets under management of the PIC’s clients,” said Masondo.
He added that the PIC’s investment performance has reached over R3-trillion in assets under management for the first time on September 26.
For this reason, he said the board was optimistic that, with a skilled and effective management team, the PIC would keep delivering exceptional value to its clients and all stakeholders.
Masondo notes that Sithole has assured the board of his steadfast commitment to ensuring a smooth handover of responsibilities to his successor.
He said the board is confident in Sithole’s professionalism and dedication to facilitating a seamless transition in leadership.
