Elias Masilela resigned as CEO of the 1.6 trillion South African rand ($151.3 billion) pension fund Public Investment Corp., effective June 30.
Matshepo More, chief financial officer, was appointed acting CEO. Further details on the process for a permanent replacement were not available by press time.
Mr. Masilela became CEO of the Pretoria, South Africa-based pension fund in February 2011. During his tenure, the pension fund’s assets increased 60%, and an investment policy was implemented focusing on influencing the real economy directly in terms of growth, employment and poverty reduction, according to a statement.
Details of Mr. Masilela’s plans could not be learned by press time. Spokesmen for the fund could not be reached for comment.