Sithole will have a huge task to restore the state-owned investment manager to its former glory
Abel Sithole, principal executive officer of the Public Investment Corporation’s largest client, the public service’s pension fund, has been appointed as permanent CEO of the asset manager.
"I think Abel coming from the asset owner and ultimate client will be able to take forward the ideas of the GEPF and ensure they are implemented," Oliphant said. He has also held directorships of a number of Metropolitan subsidiaries as well as serving on several committees of the board. "He will be able to stabilise the organisation and mentor investment professionals, and will be the glue between the board of the PIC and the board of the GEPF," Oliphant said.
President Cyril Ramaphosa established the commission to look into a range of allegations of impropriety involving the state-owned asset manager and also to evaluate and make recommendations on the organisation’s corporate structure and procedures. Sithole was particularly aggrieved about the way the PIC made representations on its investment in Ayo, as he described in his testimony to the PIC commission in 2019.In conjunction with the finance minister and the PIC’s board, which has already begun a process to redesign the PIC, Sithole will be expected to implement decisions on its restructuring.
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