South African money manager Public Investment Corp. has launched a search for its next CEO, who will succeed Abel Sithole when his term ends in July 2025.
The board of the PIC, which had 2.69 trillion South African rand ($142.3 billion) in assets under management as of March 31, started its search now to allow sufficient time to appoint the next CEO and ensure a seamless leadership transition.
“The PIC Board is grateful to Mr. Sithole for his exceptional leadership and invaluable contribution to the company's turnaround, growth and success during his tenure,” said David Masondo, chair of the board, in a news release. “Mr. Sithole played a pivotal role in expanding the company's market presence, restoring ethics and integrity to the PIC’s investment, governance and business processes, ensuring that the recommendations of the Mpati Commission were implemented, and in the consistent growth in assets under management of the PIC’s clients.”
Sithole was appointed in May 2020, filling a role that had been vacant for 18 months after his predecessor left over “accusations of questionable investment decisions,” according to Bloomberg.
The board is looking for a “dynamic, visionary and results-oriented leader who will steer the company to new heights,” the news release added.
An advertisement for applications for the position will be published in local media and will also be available on PIC’s website, the release said.
PIC said in a separate update that total AUM grew by almost 3.6% over the year ended March 31. It manages the assets of the Government Employees Pension Fund, Pretoria, which constitutes almost 88% of its total AUM. The pension fund’s assets grew by almost 70 billion rand, reaching 2.37 trillion rand.
