Incoming CEO to help restore confidence, says PIC chair Reuel Khoza

After months of rigorous screening and deliberation, Abel Moffat Sithole has been chosen as the new CEO of the Public Investment Corporation (PIC). Currently serving as the Principal Executive Officer of the Government Employees Pension Fund and the Commissioner of the Financial Sector Conduct Authority, Sithole has been entrusted with the monumental task of revamping the troubled PIC. In a recent interview with CNBC Africa, PIC Chairperson Dr. Reuel Khoza shed light on the challenges ahead for the incoming CEO and the strategies in place to restore confidence in the organization. It is no secret that the PIC has been embroiled in controversy and faced intense scrutiny in recent years. From the lack of transparency to ethical misconduct, the PIC's reputation has taken a hit, affecting millions of government employees whose financial security depends on the organization's decisions. Dr. Khoza emphasized the importance of finding a candidate who is not only capable but also well-prepared for the task at hand. Sithole emerged as the top choice after a rigorous selection process that involved screening hundreds of applicants. As Dr. Khoza highlighted, Sithole's appointment signals a new chapter for the PIC. The incoming CEO will be tasked with addressing the organization's internal challenges, including filling key executive positions and restoring ethical conduct. Dr. Khoza stressed the need for transparency and accountability in all aspects of the PIC's operations. Sithole's mandate also includes working closely with the board to identify areas of improvement and enhance the organization's governance structure. One of the key priorities for Sithole will be to appoint new members to the executive team, including a chief investment officer, chief operating officer, and chief technology officer. Additionally, in light of past ethical lapses, the PIC will establish a chief ethics officer position to ensure compliance and uphold the highest standards of integrity. Dr. Khoza expressed confidence in Sithole's ability to lead the PIC through this challenging period and instill a culture of diligence and accountability. While the road ahead may be challenging, Dr. Khoza believes that with the right leadership and strategic initiatives, the PIC can regain the trust of its stakeholders and fulfill its mandate of safeguarding the financial interests of government employees. By addressing past shortcomings and implementing robust governance measures, the PIC aims to rebuild its reputation and strengthen its commitment to ethical conduct and transparency. As Sithole prepares to assume his new role, all eyes will be on the PIC to see how the organization evolves under his leadership and navigates the complexities of the investment landscape.