Fin24 reports that Public Investment Corporation (PIC) announced on Thursday that it would be advertising for a new CEO in coming days.

Its current CEO Abel Sithole will remain in his position until his term comes to an end in July 2025. Sithole, who was previously the head of the Government Employees' Pension Fund and commissioner of the Financial Sector Conduct Authority, was appointed in 2020. "The search is a responsible and proactive move by the Board to allow sufficient time to appoint a new CEO and to ensure a seamless leadership transition at the PIC, in view of Mr. Sithole’s term expiring in eight months," the PIC said in a statement. It is looking for a "dynamic, visionary, and results-oriented leader who will steer the company to new heights". Qualified candidates should have expertise in the asset management industry, "strategic acumen", and a proven track record in sustainable business growth. The PIC has R3 trillion in assets under management, and manages the pension savings of SA civil servants and the assets of the Unemployment Insurance Fund. It is the largest investor on the JSE and the largest asset manager on the continent.

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