The Public Investment Corporation (PIC) has welcomed Cabinet’s approval of Patrick Dlamini as its new CEO, effective 1 June 2025. Dlamini’s appointment follows an extensive seven-month global search by the PIC board. With nearly 30 years of leadership experience—including a decade as CEO of the Development Bank of Southern Africa (DBSA)—he is expected to drive the PIC’s investment strategy while upholding governance reforms. PIC chairperson Dr David Masondo praised Dlamini’s track record in turnaround strategies and sustainable growth.
The outgoing CEO, Abel Sithole, leaves a strong legacy after steering the PIC through post-Mpati Commission reforms. Under his five-year tenure, the asset manager restored stakeholder trust, implemented governance overhauls, and grew assets under management to over R3-trillion by September 2024. Masondo credited Sithole with stabilizing the institution and ensuring a smooth transition. Sithole, who reached retirement age, has committed to handing over seamlessly to Dlamini.
The leadership change comes as the PIC—Africa’s largest asset manager—seeks to balance its developmental mandate with financial returns. Dlamini’s appointment signals continuity in ethical leadership while potentially bringing fresh strategic direction. His experience in complex institutional overhauls will be tested as the PIC navigates economic headwinds and evolving investment landscapes. The transition marks a new chapter for the state-owned entity managing pensions and government funds.