Public Investment Corporation CEO Abel Sithole. Picture: Oupa Mokoena Independent Newspapers
The Board of the Public Investment Corporation (PIC), South Africa’s largest asset manager, has officially commenced its search for a new CEO to succeed the incumbent, Abel Sithole, whose term is set to conclude in July 2025.
The PIC is South Africa's largest asset manager with R2.69 trillion assets under management.
This strategic initiative reflects the Board’s dedication to ensuring a smooth transition in leadership and maintaining momentum as the organisation continues to thrive in a dynamic investment landscape.
The official call for applications for the CEO position will be published in media outlets over the weekend and will also be accessible on the PIC’s website, inviting qualified candidates to partake in this pivotal opportunity.
PIC chairperson David Masondo expressed gratitude towards Sithole, commending his “exceptional leadership and invaluable contribution” during his tenure.
Under his stewardship, the PIC has not only stabilised but also flourished, witnessing a significant expansion in its market presence and a restoration of ethics and integrity across its investment and governance frameworks.
“Mr Sithole played a pivotal role in implementing the recommendations of the Mpati Commission, which has been critical in enhancing our business processes,” Masondo said.
The impressive ascent of the PIC’s Assets-under-Management (AuM) to over R3 trillion for the first time on 26 September 2024 serves as a testament to his leadership.
As the Board delves into the process of selecting a successor, the focus will be on identifying a dynamic, visionary leader who exhibits results-oriented strategies and possesses a wealth of experience within the asset management sector.
The ideal candidate will be required to demonstrate strategic acumen and a proven track record of sustainable business growth.
Throughout this transitional phase, Sithole will remain committed to facilitating an orderly handover of responsibilities to his successor.
“We are confident in Mr Sithole’s professionalism and dedication to ensure that the transition is seamless,” Masondo assured stakeholders.
With the assistance of a competent management team, the PIC aims to uphold its trajectory of delivering exceptional value to its clients and stakeholders alike, despite the upcoming leadership change.
BUSINESS REPORT