Abel Sithole appointed as CEO of South Africa’s PIC

On Wednesday, South African Finance Minister Tito Mboweni announced the appointment of Abel Sithole as the Chief Executive Officer of the Public Investment Corporation (PIC) and Executive Director on the Board of Directors.

The following statement provides more details:

APPOINTMENT OF MR ABEL MOFFAT SITHOLE AS CHIEF EXECUTIVE OFFICER (CEO) OF THE PUBLIC INVESTMENT CORPORATION (PIC)

The Minister of Finance, Mr Tito Mboweni, is pleased to announce that Cabinet has approved that the Board of Directors of the PIC proceeds with the appointment of Mr Abel Moffat Sithole as the CEO of the PIC and Executive Director on the Board of Directors for a period of five years. The Chairman of the PIC, Dr Reuel Khoza, will elaborate on the process followed for the appointment and on the terms and conditions of the employment of Mr Sithole.

Mr 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, Mr Sithole was a Deputy Executive Director at the Institute of Futures Research, University of Stellenbosch Business School. He also has a number of non-executive roles.

Mr Vuyani Hako, the Executive Head: Properties has been the acting CEO. Minister 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”.

Issued by the Ministry of Finance

Related Content

GEPF on results, Eskom & SA’s economy

Despite the tough economic conditions and low economic growth rate in South Africa, the Government Employees Pension Fund return on investments slightly increased by 2.6 per cent to R47 billion for the year while impairments ballooned. CNBC Africa's Kopano Gumbi spoke to Africa's largest pension fund Principal Executive Officer, Abel Sithole.

FSCA raids Sekunjalo offices

The Financial Sector Conduct Authority (FSCA) conducted a search and seizure operation at the premises of Sekunjalo Investment Holdings. The FSCA says the operation was conducted as part of an investigation into allegations of prohibited trading practices in possible contravention of section 80 of the Financial Markets Act. Brandon Topham, Divisional Executive for Investigations and Enforcement joins CNBC Africa for more.

MET Collective Investments to appeal R100m fine

MET Collective Investments plans to appeal the Financial Sector Conduct Authority's decision to fine it a R100 million.

Why the regulator has slapped MET Collective Investments with a record R100mn fine

The Financial Sector Conduct Authority (FSCA) has handed down one of its largest fines to date, as they hit MET Collective Investments, a unit trust fund of listed company Momentum with a R100 million fine for contravening various sections of the financial sector laws. Joining CNBC Africa for more is Jurgen Boyd, Divisional Executive for Market Integrity Supervision at the FSCA.

Subscribe to our newsletter

Sign up for free newsletters and get more CNBC AFRICA delivered to your inbox

More from CNBC Africa

Ghana’s president self-isolates after close person tests positive for coronavirus

ACCRA (Reuters) - Ghana’s President Nana Akufo-Addo will self-isolate for 14 days on the advice of doctors after a person in his...

Health minister hails responsible behavior after English pubs reopen

Thousands of people flocked to pubs, restaurants and bars around England on Saturday as large parts of the hospitality sector reopened for the first time since March.

COVID-19: Now is the time for Africa to grow food

This Covid-19 crisis has also exposed the extreme fragility of the global food system. Social-distancing and lockdown measures to curb the virus’s spread have significantly reduced people’s incomes and thus global food demand.

Morocco’s RAM to axe routes, may reduce fleet to secure aid

RABAT (Reuters) - Moroccan airline Royal Air Maroc plans to cancel some air links, cut jobs and may sell 20 aircraft to...

Partner Content

Sanlam launches urgent job-preservation initiative in response to COVID-19

Sanlam Investments is responding to the COVID-19 pandemic through large-scale support of the recovery of South African companies, from small enterprises to...

Is Market Volatility Here For The Foreseeable Future?

Content provided by CompareForexBrokers Prior to understanding why market volatility might be here to stay for the foreseeable future,...

Trending Now

Keep SMB’s Congo coltan mine in supply chains, says mineral tracker

JOHANNESBURG (Reuters) - Insecurity around Société Minière de Bisunzu’s (SMB) coltan mine in Democratic Republic of Congo could get worse if it...

Malawi’s election cheer dampened by coronavirus surge

“We’re in a worse situation today than we were three months ago. Coronavirus is spreading everywhere in Malawi and it’s spreading to kill,” he said in a televised address.

Congo mines minister to meet with firms on confinement moratorium

“Coronavirus has dealt a fatal blow to mining activities, with the impossibility of repatriating capital, importations of products for the industry coming to a halt, the dizzying drop in metals prices on global markets in March,” he said.
- Advertisement -