Share

PIC CEO quits after three years

Johannesburg - The chief executive of government pension fund Public Investment Corporation (PIC) resigned after three years at the helm of Africa's largest and most influential asset manager.

Elias Masilela will formally resign on June 30, but will take his outstanding leave with immediate effect, the Public Investment Corporation (PIC) said in a statement on Friday.

Chief financial officer Matshepo More has been appointed as acting CEO.

The PIC, which has major stakes in some of South Africa's largest companies as well as other investments in sub-Saharan Africa, manages pensions on behalf of government employees.

Under Masilela, the fund's assets under management grew to R1.6 trillion ($154bn) and it increased exposure to African countries outside its home market and to alternative investments such as private equity.

The fund is well known in South Africa for its often activist stance - it has castigated companies over executive compensation and has been a vocal opponent of at least one recent deal.

Last year it opposed a $1.2bn bid for drugmaker Adcock Ingram [JSE:AIP] from Chilean suitor CFR Pharmaceuticals. The PIC, at the time Adcock's top shareholder, said it did not want to swap its Adcock stock for that of CFR.

Its opposition helped pave the way for a successful bid from South African firm Bidvest, in which the PIC is also a shareholder.

In his tenure, Masilela also tried to use the PIC to pursue a development agenda in Africa, even as some critics said the fund should focus all of its funds on the considerable development needs at home.

Masilela had argued that growth in Africa would ultimately help South Africa's economy, reducing unemployment.

"Do South Africans fully understand that? I'm not convinced that they do," he told Reuters in an interview in March.


We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
19.00
-0.5%
Rand - Pound
23.95
-0.2%
Rand - Euro
20.50
-0.2%
Rand - Aus dollar
12.35
+0.0%
Rand - Yen
0.13
-0.5%
Platinum
895.30
-0.2%
Palladium
991.47
-1.0%
Gold
2,193.25
-0.1%
Silver
24.44
-0.8%
Brent Crude
86.09
-0.2%
Top 40
67,836
+0.2%
All Share
74,046
+0.2%
Resource 10
56,127
+0.8%
Industrial 25
103,468
+0.2%
Financial 15
16,484
-0.2%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders