PIC board continues drive to strengthen governance, appoints two new execs

Former acting CEO of the Public Investment Corporation Vuyani Hako has been appointed as the state asset manager's new chief operating officer, effective from 1 November. 

The PIC on Tuesday issued a statement confirming Hako's appointment as well as that of August van Heerden as Chief Risk Officer. Van Heerden will take on his duties from 4 January 2021. He is the current chief risk officer at Absa group.

Hako previously acted as CEO between March 2019 and July 2020, replacing acting CEO Matshepo More when she was placed on precautionary suspension after being implicated in an email from a whistleblower, Fin24 previously reported. Hako has also served as the PIC's executive head of properties.

The board is still engaging in a recruitment process for a Chief Investment Officer and Chief Technology Officer.

A judicial commission of inquiry led by Lex Mpati had found substantial impropriety at the organisation. The PIC in March said it was working with the Hawks and the National Prosecuting Authority to prosecute those implicated in the report, as well as to recover monies. It also separated the functions of the CEO and Chief Information Officer and created new post- Chief Risk Officer, Chief Technology Officer and Chief Operating Officer to strengthen governance.

The PIC manages R2 trillion in state assets and its biggest client is the Government Employees Pension Fund.

Abel Sithole, the former principal executive officer GEPF was appointed PIC CEO in May.

Compiled by Lameez Omarjee

*The article was updated on 4 November 2020, at 14:50 to reflect that August van Heerden is currently chief risk officer of Absa Group. An earlier version incorrectly referred to Vuyani Hako as the chief risk officer of Absa Group. Fin24 regrets the error. 

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