Abel Sithole appointed new PIC boss

Abel Moffat Sithole has been appointed as the new CEO of the Public Investment Corporation (PIC).

Sithole is currently the commissioner of the Financial Sector Conduct Authority and the principal executive officer at the Government Employees Pension Fund (GEPF).

Apart from the CEO post, he will also be the executive director on the PIC board. Both positions are for five years.

Finance minister Tito Mboweni announced on Wednesday that the cabinet had approved the appointment.

“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,” said Mboweni.

Sithole takes over from Vuyani Hako, who was leading the PIC as acting CEO.

“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,” said Mboweni.

The PIC board said on Wednesday night that it welcomed the appointment, saying Sithole was a “seasoned executive with extensive experience in the financial services industry”.

Khoza said Sithole would be part of the process of expediting the urgent task of filling the vacant executive positions to ensure stability in the PIC.

“The board remains unequivocally committed to restoring both integrity and credibility to the PIC and believes the appointment of Sithole will greatly contribute to this commitment,” said the board in a statement.

“The renewed PIC will be predicated upon professionalism, underpinned by high ethical standards.”