South Africa’s government has appointed Seiso Mohai as the new Chairman of the Public Investment Corporation (PIC), the state-owned asset manager overseeing approximately R3.6 trillion (US$220 billion) in assets, as authorities move to restore stability and strengthen governance following recent leadership turmoil.
The appointment was announced by Minister in the Presidency Khumbudzo Ntshavheni after David Masondo resigned as PIC chairman. Masondo, who also serves as South Africa’s Deputy Finance Minister, stepped down following disagreements over governance issues involving the suspension of PIC Chief Executive Officer Patrick Dlamini.
Mohai, who has served as Deputy Minister of Planning, Monitoring and Evaluation since July 2024, brings extensive parliamentary and public finance experience to the role. He previously chaired the Select Committee on Appropriations and co-chaired the Joint Standing Committee on Financial Management of Parliament.
The leadership change comes at a critical time for the PIC, which manages the pension funds of South Africa’s public servants and is one of Africa’s largest asset managers. The institution holds significant investments in some of the country’s biggest listed companies, including Naspers, MTN Group, Absa, FirstRand, Investec, Capitec and Standard Bank.
The government said the appointment is intended to strengthen governance, restore confidence in the institution and ensure the PIC continues fulfilling its mandate as a key steward of South Africa’s public sector investments.
