Africa’s Top Fund Manager Appoints First CEO in 18 Months
- Former CEO was ousted before judicial inquiry into PIC
- Government pushed for overhaul of fund manager after inquiry
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South Africa’s Public Investment Corp. appointed Abel Sithole as its chief executive officer, filling a post vacated 18 months ago by his predecessor over accusations of questionable investment decisions.
The appointment comes two months after a judicial inquiry found senior management flouted internal procedures and recommended sweeping changes to laws that govern the PIC. President Cyril Ramaphosa ordered the investigation in October 2018, one of a handful he’s instituted to probe alleged corruption since taking office after former President Jacob Zuma’s scandal-marred nine-year rule.