Abel Moffat Sithole has been announced as the new CEO of the Public Investment Corporation (PIC) and the Executive Director on the Board of Directors for the next five years.
Announcing the appointment in a statement, Finance Minister Tito Mboweni said Cabinet had approved that the Board of Directors of the PIC, proceeds with the appointment of Sithole.
PIC chairman, Dr Reuel Khoza, will elaborate on the process followed for the appointment and on the terms and conditions of the employment.
Sithole is currently the Principal Executive Officer of the Government Employees’ Pension Fund (GEPF) and the Commissioner of the Financial Sector Conduct Authority (FSCA).
Before joining the GEPF in 2015, Sithole was a Deputy Executive Director at the Institute of Futures Research at the University of Stellenbosch’s Business School. He also has a number of non-executive roles.
Sithole will take over the reins from Vuyani Hako, PIC Executive Head: Properties, who has been the acting in the role.
Mboweni said: “We thank Mr Hako for his contribution at the PIC, steering the organisation through very difficult times. We also congratulate Mr Sithole on his appointment as CEO and wish him well in leading the organisation and in restoring its integrity.”
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