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Moneyweb reports that the Public Investment Corporation (PIC) is on the hunt for a new chief executive officer and is looking for a company capable of taking on the responsibility of finding a suitable candidate.
This comes a month after recently appointed interim board chair Reuel Khoza said the search for a new CEO would be done with “absolute urgency” because the vacancy had left the PIC at an “impasse”. The position of CEO has been vacant since Dan Matjila stepped down from the R2 trillion organisation in November 2018 following allegations of corruption. Khoza said in July that “at a minimum” the new head would be appointed within the next three to six months – in other words, between August and January 2020. The PIC uploaded the tender bidding documentation to its website on Monday, requesting proposals for the appointment of an “executive search service provider” who will be responsible for the “end-to-end” sourcing of the candidate. As to pricing, the bid document states: “The recruitment fee must not exceed 33% of the Cost to Company (CTC) of the CEO.” This means the PIC could spend in the region of R5.2m to find a new CEO if the 33% commission fee is put against Matjila’s total remuneration earned in 2018 of R15.8m.
- Read the full original of the above report by Tebogo Tshwane at Moneyweb
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