Abel Sithole appointed as new PIC head

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

ZAR/USD
16.72
(+0.29)
ZAR/GBP
21.01
(+0.48)
ZAR/EUR
19.07
(+0.04)
ZAR/AUD
11.67
(-0.03)
ZAR/JPY
0.16
(+0.46)
Gold
1809.01
(+0.39)
Silver
19.23
(+0.66)
Platinum
827.48
(+0.14)
Brent Crude
42.17
(-1.20)
Palladium
1967.50
(+0.38)
All Share
55531.05
(-1.19)
Top 40
51235.09
(-1.23)
Financial 15
10528.08
(-1.64)
Industrial 25
75515.64
(-1.81)
Resource 10
53219.66
(-0.20)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Please select an option Oops! Something went wrong, please try again later.
Results
I'm not really directly affected
18% - 2070 votes
I am taking a hit, but should be able to recover in the next year
23% - 2676 votes
My finances have been devastated
35% - 4041 votes
It's still too early to know what the full effect will be
25% - 2894 votes
Vote