Abel sithole
PIC appoints Hako as COO, Van Heerden as chief risk officer
Van Heerden is currently the chief risk officer at the Absa Group and Hako previously acted as the PIC’s CEO.
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.
Sithole takes over as CEO after a difficult period at the state fund manager plagued by governance failures and maladministration.
The PICs credibility was shattered when its former CEO Dan Matjila was implicated in dodgy deals and corruption in the findings of the pic commission of inquiry earlier this year.
The Government Employee Pension Fund (GEPF)’s principal officer said the PIC had performed according to its mandate and delivered returns on investment.