PIC CEO quits - CNBC Africa

PIC CEO quits

Southern Africa

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Elias Masilela, has resigned from Public Investment Corporation. PHOTO: Sanlam

According to a statement from the corporation, he has decided to leave the PIC with effect from 30 June 2014.

Masilela has been at the PIC since 2011 and has overseen the growth of assets under management during a turbulent global economic period from just under 1 trillion rand in 2010 to above 1.6 trillion rand in 2014.

During his time at the corporation Masilela oversaw the implementation of the PIC’s developmental investment policy which focuses on influencing the real economy directly in terms of growth, employment and poverty reduction.

“We want to acknowledge Mr Masilela’s contribution to the organisation. We wish him well in his future endeavours,” said the PIC board.

Masilela is a member of the UN Global Compact and remains a Commissioner of the National Planning Committee responsible for formulating the country’s national growth strategy, the National Development Plan.

Matshepo More has been appointed as the acting CEO of the PIC.