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Veteran businessman Reuel Khoza takes the helm at PIC

Jul 25 2019 14:43
Lameez Omarjee
Dr Reuel Khoza, the new interim chairperson of sta

Dr Reuel Khoza, the new interim chairperson of state asset manager the Public Investment Corporation, at the Sunday Times Directors Event in June 2015 in Johannesburg. (Photo by Gallo Images / Sunday Times / James Oatway)..

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A distinguished thought leader, a businessman, an Africanist, a public speaker and a lyricist.

These are just some of the ways that Dr Reuel Khoza, the newly elected interim chairperson of the Public Investment Corporation, describes himself on his website. 

Finance Minister Tito Mboweni met with the interim board of the state-run asset manager on Thursday, where Khoza was elected chairperson. Mboweni has tasked the new interim board with focusing on corporate governance.

The PIC manages R2.2trn in investments on behalf of public servants. Its past investment decisions and corporate governance are currently being probed at an ongoing judicial commission of inquiry, established by President Cyril Ramaphosa. 


Khoza boasts a long track record of leadership positions in SA's private and public sectors. He has previously served as board chairperson at the Nedbank Group, Globeleq, and GlaxoSmithKline SA. 

He was also the chair of state-power utility Eskom's board for eight years between 1997 and 2002.

Khoza has held directorships at the JSE, IBM South Africa, the Liberty Life Group, the Standard Bank Group, Nampak and Old Mutual, among others, and was formerly the president of the Institute of Directors in South Africa. 

He is also currently the chairperson of black-owned investment holding company Dzana Investments and AKA Capital, a private equity and investment holding company, according to his website. 

Khoza also played a role in developing the King Codes, which govern corporate governance, serving as Mervyn King's deputy in the formulation of the King III and King IV.

Academic, author, farmer

According to his website, Khoza has a Masters degree in marketing management from the University of Lancaster and an Engineering Doctorate in Business Leadership from Warwick University, both in the UK.

He has been awarded an honorary doctorate in law from Rhodes University, and an honorary doctorate in Economics from the University of the Free State

He is also an Emeritus Professor Extraordinaire of the University of Stellenbosch Business School where he has lectured on business strategy, leadership and corporate governance.

Khoza is a visiting professor at Rhodes Business School, the University of Free State Business School and Wits Business School. He is Chancellor of the University of Limpopo, having succeeded former President Nelson Mandela.

The veteran businessman has also authored a number of books, including Let Africa Lead, Attuned Leadership, the African in my Dream and co-authored The Power of Governance with Mohamed Adam.

His website states that if Khoza had not gone into business, he probably would have become a musician of the choral genre. Since 2011, Khoza has been writing lyrics for compositions by his late cousin, Shalati Joseph Khosa.

Khoza also farms and exports avocados, pears and macadamia nuts. As someone with an "abiding interest in people", Khoza is fluent in several languages.

treasury  |  pic  |  tito mboweni  |  board
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