Abel Sithole appointed as new PIC head

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Cabinet has approved the appointment of Abel Sithole as the CEO and Executive Director of the Public Investment Corporation, Finance Minister Tito Mboweni announced on Wednesday.

He will serve for a period of five years.

He will be replacing Dan Matjila, whose conduct was criticised in detail in a damning report by the Mpati Commission of Inquiry, which probed allegations of maladministration at the state-owned asset manager.

Sithole is currently Principal Executive Officer of the Government Employees Pension Fund (GEPF) as well as being Commissioner of the Financial Sector Conduct Authority. Prior to joining the GEPF, he was Deputy Executive Director at the Institute of Futures Research at the University of Stellenbosch.

Vukani Hako, Executive Head: Properties has served as Acting CEO.

Mboweni said: "We thank Mr Hako for his contribution at the PIC, steering the organisation through very difficult times. We also congratulate Mr Sithole on his appointment as CEO and wish him well in leading the organisation and in restoring its integrity."

PIC Chair Dr Reuel Khoza said the processes followed in making the appointment would be explained in due course.

* Compiled by Marelise van der Merwe

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