The Public Investment Corporation's (PIC's) board has welcomed the confirmation, by Cabinet, of the appointment of Patrick Dlamini as the State-owned asset manager's new CEO.

His appointment followed a rigorous seven-month global search initiated by the PIC board and was finalised by Cabinet’s approval at its meeting of May 14.

Dlamini's appointment will take effect on June 1.

“Mr Dlamini brings to the PIC an exemplary record of strategic and ethical leadership, with nearly three decades of senior management experience in major corporations, including a decade as CEO of the Development Bank of Southern Africa (DBSA).

“His expertise in leading complex turnarounds, fostering operational excellence and driving sustainable growth, positions him to advance the PIC’s investment mandate,” comments PIC chairperson Dr David Masondo.

Masondo also extended the board’s gratitude to the outgoing CEO Abel Sithole and thanked him for his "exceptional leadership".

“The board must express its profound appreciation to Mr Sithole for his invaluable contribution to bring stability and restore ethical leadership to the PIC, particularly in the period following the work of the Mpati Commission of Inquiry.

“Mr Sithole played a vital role in expanding the company’s market presence and restoring credibility between the PIC, its clients, regulators and other stakeholders. He ensured that the recommendations of the commission were implemented, that permanent appointments were made to crucial executive positions and that internal governance structures were reconfigured and strengthened, in line with the commission’s recommendations.

“Under [his] leadership, assets under management, for the first time grew to over R3-trillion by September 2024, which is a remarkable achievement and benefit for all clients, their members and beneficiaries," Masondo states.

Sithole was appointed for a five-year term and he is reaching retirement age. He has committed to facilitate a seamless transition with his successor, Masondo notes.