Cabinet confirms Patrick Dlamini as new CEO of the Public Investment Corporation

Turnaround specialist and former CEO of the Development Bank of Southern Africa (DBSA), Patrick Dlamini, has been appointed as the new CEO of the Public Investment Corporation (PIC).

This announcement follows a comprehensive seven-month global search initiated to identify a successor for the outgoing CEO, Abel Sithole, whosefive-year term is coming to an end as he is reaching retirement age.

Minister in the Presidency, Khumbudzo Ntshavheni, on Thursday confirmed that Cabinet had approved Dlamini's appointment to head Africa's largest asset manager. 

The Cabinet approved Dlamini's appointment during its meeting on 14 May, concluding a notable selection process for the State-owned asset manager entrusted with managing more than R3 trillion in assets for various State entities.

In October 2024, the board of directors of the PIC announced that it was embarking on an executive search for a new CEO to ensure a seamless leadership transition at the PIC.

The board chairperson, Dr. David Masondo, expressed confidence in Dlamini's expertise and vision, emphasising the importance of strategic and ethical leadership in advancing the PIC's investment mandate.

Dlamini holds a Masters of Science in Global Finance from New York University and a Bachelor of Commerce in Accounting and Economics from the University of KwaZulu-Natal (formerly Durban-Westville).

“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),” Masondo said.

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

Masondo said that, as a turnaround specialist at other State-owned entities with extensive experience in development finance and investment management, Dlamini will be expected to apply such expertise to address the immediate concerns that confront the PIC, specifically in its unlisted portfolio.

The PIC is currently dealing with an ongoing crisis at one of its funded entities, Daybreak Foods, which is facing serious financial challenges and struggled to pay workers salaries for April while chickens at its various farms faced feed shortages.

“The board is confident that his principled commitment to corporate governance will strengthen our response to embed ethics, accountability and integrity across all PIC business functions whilst driving long-term growth and value in the investment portfolios of our clients,” he said.

Masondo also extended the board’s gratitude to Sithole, the outgoing CEO, and thanked him for his exceptional leadership. Sithole continues to have the full support of the PIC board and has committed to facilitate a seamless transition with his successor.

Masondo said the board was expressing its profound appreciation to 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,” Masondo said.

“Under Mr. Sithole’s 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.”

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