South Africa's PIC appoints new CEO
The board of South Africa's Public Investment Corporation (PIC) has welcomed the appointment of Abel Moffat Sithole as its new chief executive officer.
Sithole has extensive experience in the financial services industry and is currently the principal executive officer of the Government Employees Pension Fund (GEPF), the single biggest pension fund in Africa and a major investor in the Johannesburg Stock Exchange. He has previously held senior positions in notable companies and served on board of several institutions.
Sithole will assume his duties as the CEO of PIC as soon as negotiations regarding his notice period have been concluded with his current employer.
Chairman of the interim PIC board, Reuel Khoza said, “The appointment of Sithole is a culmination of a lengthy, and thorough process that started immediately after the interim board took office. In terms of that process, the board established a task team from within its ranks to lead and oversee the search for the CEO. We are pleased with the outcome of the process and are looking forward to welcoming Mr Sithole as the new CEO of the PIC.”
Sithole will be part of the process of expediting the urgent task of filling the vacant executive positions to ensure stability in the organisation and focus attention on delivering on clients’ mandates.
Reach Africa’s private equity community by publishing a Showcase Article on Africa Private Equity News. Contact us at editor@africaprivateequitynews.com for our rate card and more information.