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Moneyweb writes that if the Public Investment Corporation’s (PIC’s) board had had its way, Abel Sithole, the principal executive officer of the Government Employees Pension Fund (GEPF), would have been heading the R2 trillion investment organisation right now.
The PIC board submitted Sithole’s name for approval four months’ ago after a “lengthy, and thorough process” which began immediately after Dr Reuel Khoza was appointed interim chair in July 2019. Ideally, the board had intended for Sithole to take over the position in March. Finally, on Wednesday, Finance Minister Tito Mboweni announced that cabinet had given its approval for the board to proceed with Sithole’s appointment for a term of five years. The PIC, which largely manages government employee pensions, has been without a permanent chief executive since the resignation of Dan Matjila in November 2018. Nonetheless, negotiations regarding when Sithole will start in his new role at the PIC have not yet been finalised. It is expected that Sithole will serve a short period for handover to his successor at the GEPF, where he has been serving as its PEO since July 2015. A seasoned executive with extensive experience, Sithole is also the commissioner of the Financial Sector Conduct Authority (FSCA). Prior to his appointment at the GEPF he was deputy executive director at the Institute of Futures Research at the University of Stellenbosch’s Business School.
- Read the full original of the report in the above regard by Tebogo Tshwane at Moneyweb
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