Abel Sithole Bio, Wiki
Abel Sithole has been appointed as the Chief Executive Officer of South Africa’s Public Investment Corp filling a position that’s been vacant since his predecessor, Daniel Matjila was removed 18 months ago over accusations of questionable investment decisions.
Abel Sithole Background
Sithole is currently the Principal Executive Officer of the Government Employees Pension Fund (GEPF) and the Commissioner of the Financial Sector Conduct Authority (FSCA). Before joining the GEPF in 2015, Mr Sithole was a Deputy Executive Director at the Institute of Futures Research, University of Stellenbosch Business School. He also has a number of non-executive roles.
Meet Abel Sithole the New CEO and Executive Director of the Public Investment Corporation, Mr Sithole holds
MA (International Relations) and MPhil (Futures Studies) from the University of Stellenbosch and an MBA from Wits Business School.
A deserving appointment indeed. pic.twitter.com/OX4pAodwwg
— Mfundoyakhe Shezi 🇿🇦 (@Mfundoyakhe_S) May 27, 2020
Abel Sithole CEO South Africa’s Public Investment Corp (PIC)
He was appointed the CEO of PIC on Wednesday, May 27th, 2020. Finance Minister Tito Mboweni said in an emailed statement that Sithole will hold the post for five years. He’s currently the principal executive officer of the Government Employees Pension Fund, or GEPF, and the commissioner of the Financial Sector Conduct Authority.
Sithole’s appointment comes two months after a judicial inquiry recommended sweeping changes to laws that govern the PIC after it found senior management had flouted internal procedures. President Cyril Ramaphosa ordered the investigation in October 2018, one of a handful he’s instituted to probe alleged graft since taking office after Jacob Zuma’s scandal-marred nine-year rule.
PIC manages more than R2.13trn ($122bn). It has had two consecutive acting heads since former CEO Daniel Matjila stepped down in November 2018. Matjila has said he plans to clear his name. The company oversees the pensions of more than 1 million South African state employees.
Over 85% of the PIC’s funds under management are from the GEPF. In December 2019 Sithole said the GEPF has increased scrutiny of the PIC to ensure it has an “adequate line of sight in those areas where there has been concern over what has been done in the past.”
The process to appoint a CEO has taken longer than the fund anticipated. Reuel Khoza, the PIC’s first non-government affiliated chairman, said in July 2019 a new CEO should be named in three to six months. While the money manager was long heralded for delivering market-beating returns, the new CEO will have to repair its reputation and may also face pressure from the government to help state-owned companies in financial distress.