JOHANNESBURG (Reuters) -South Africa’s Public Investment Corporation (PIC) has appointed Patrick Dlamini as its new CEO, effective June 1, one of Africa’s largest fund managers said on Thursday.
The PIC, which managed assets worth just over 3 trillion rand ($165.62 billion) as of September 26, and is the largest investor in companies listed on the Johannesburg Stock Exchange, started the search last year for a new CEO to succeed Abel Sithole, whose five-year term ends in July.
Among its significant assets, the PIC holds majority stakes in pharmaceutical firm Aspen Pharmacare and miner Gold Fields,
Dlamini’s appointment has been approved by the government, the PIC said in a statement.
Chairman David Masondo said Dlamini had a record of “strategic and ethical leadership”, and would be expected to address the immediate concerns facing the PIC, specifically in its unlisted portfolio. He did not elaborate.
“His expertise in leading complex turnarounds, fostering operational excellence and driving sustainable growth, positions him to advance the PIC’s investment mandate,” Masondo said.
Dlamini has previously served as CEO of the Development Bank of Southern Africa.
($1 = 18.1141 rand)
(Reporting by Nqobile Dludla; Editing by Rachna Uppal)
