PIC CEO Abel Sithole gets to work on ‘restoring integrity’ at graft-tainted money manager

PIC media statement: 

The Public Investment Corporation (PIC) is pleased to announce that the newly appointed Chief Executive Officer, Mr Abel Sithole, will officially assumed his duties from 1 August 2020. The appointment of Mr Sithole was announced on 27 May 2020 by Finance Minister, Mr Tito Mboweni, following approval by Cabinet.

Mr Sithole joins the PIC from the Government Employees Pension Fund (GEPF) where he was the Principal Executive Officer for the past five years. He has extensive industry experience, having previously held senior positions in notable companies and having served on board of several institutions.

He holds a Master of Arts in International Relations and Master of Philosophy in Futures Studies from the University of Stellenbosch, a Master of Business Administration from the University of the Witwatersrand and a Bachelor of Arts from Lawrence University in the United States of America. Mr Sithole is a Fellow at the Institute of Life and Pension Advisors, a Chartered Financial Planner and a Member of the Institute of Directors Southern Africa.

Chairman of the PIC Board, Dr Reuel Khoza, said, “We are pleased that Mr Sithole is assuming his responsibility as the CEO of the PIC. We believe that he will assist the Board in ensuring that the PIC’s integrity and credibility are restored, and that sharp focus is placed on delivering on clients’ investment objectives. Moreover, we trust that Mr Sithole will play an important role and work with the Board to fill vacant executive positions to ensure stability in the organisation.”

The Board has expressed its appreciation to the Acting CEO, Mr Vuyani Hako, for having led the organisation at the time when it faced its most challenging period. Mr Hako will return to his position of Executive Head: Properties.

The Board remains unequivocally committed to restore integrity and credibility to the PIC and to ensure that professionalism is upheld and ethical behaviour entrenched within the institution. The appointment of Mr Sithole is an important step towards this commitment as he will play a pivotal role in the implementation of the recommendations of the Mpati Commission of Inquiry.

Meanwhile, the Minister of Finance has extended the term of office of the current Board members by 15 months. The Board members were appointed in July 2019 for a period of 12 months.

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