South African state asset manager PIC starts search for new CEO
JOHANNESBURG, Oct 17 (Reuters) -South Africa's Public Investment Corporation (PIC) has started its search for a new chief executive to succeed Abel Sithole, whose term ends in July 2025, Africa's largest asset manager said on Thursday.
State-owned PIC, with 3 trillion rand ($169 billion) assets under management, said in a statement that the search is a proactive move by the board to allow sufficient time to appoint a new CEO and ensure a seamless leadership transition.
"Mr Sithole played a pivotal role in expanding the company's market presence, restoring ethics and integrity to the PIC's investment, governance and business processes," Dr David Masondo, Chairperson of the PIC Board said.
The PIC said it will start advertising for the position this weekend.
($1 = 17.7477 rand)
Reporting by Nqobile Dludla
Editing by Alexandra Hudson
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