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PIC expects to greatly benefit from new CEO Abel Sithole’s experience

Finance Minister Tito Mboweni announced Sithole’s appointment on Wednesday, who is now the first permanent CEO since Dan Matjila who resigned under a cloud in 2018.

FILE: New PIC CEO Abel Sithole. Picture: Youtube/SABCNews

JOHANNESBURG - The Public Investment Corporation (PIC) said it would benefit greatly from the impressive CV and experience of the newly appointed CEO Abel Sithole.

Finance Minister Tito Mboweni announced Sithole’s appointment on Wednesday who is the first permanent CEO since Dan Matjila who resigned under a cloud in 2018.

Matjila was implicated in dodgy deals and corruption in the findings of the PIC Inquiry that was released earlier this year.

Sithole has led the PIC’s largest client, the Government Employees Pension Fund since 2015, he has worked at Metropolitan and was also the chair of the Financial Sector Conduct Authority.

The PIC board chairman Reuel Khoza said the asset manager would benefit a lot from Sithole’s experience.

“Wherever he worked, people always talked about how effective, efficient and gold-directed he is. So, we want to believe that even in this instance, he is the best person for the job.”