The Public Investment Corporation (PIC) has appointed Patrick Dlamini as its new CEO. He will officially take over on June 1. Dlamini was confirmed by Cabinet after a rigorous seven-month global search initiated by the PIC board.
He brings nearly three decades of senior management experience in major corporations. PIC chairperson Dr. David Masondo said, “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). His expertise in leading complex turnarounds, fostering operational excellence, and driving sustainable growth positions him to advance the PIC’s investment mandate.”
Masondo also thanked outgoing CEO Abel Sithole for his exceptional leadership. Sithole played a vital role in expanding the company’s market presence and restoring credibility between the PIC, its clients, regulators, and other stakeholders.
New CEO instills strategic vision
Under Sithole’s leadership, the assets under management grew to over R3-trillion by September 2024. Sithole, having served a five-year term, is now reaching retirement age.
He has committed to facilitating a seamless transition with his successor. Dlamini is known for his strategic acumen and leadership in various senior management roles. He is anticipated to steer the PIC towards further growth and operational excellence.
The PIC holds significant stakes in key players like Aspen Pharmacare and Gold Fields, making it an influential entity on the Johannesburg Exchange. Dlamini’s leadership signifies a strategic shift, reinforcing PIC’s commitment to strengthening its investment tactics amid market fluctuations. As South Africa positions itself in the global financial arena, Dlamini’s strategies have the potential to redefine investment success paths.
His leadership is expected to bring a fresh perspective to PIC, fostering an environment of strategic advancement and robust investment practices.