The Public Investment Corporation (PIC), Africa’s largest and one of its most influential asset managers, has officially appointed Patrick Dlamini as its new Chief Executive Officer. This appointment, effective from 1 June 2025, marks a significant milestone in the PIC’s journey, following a rigorous seven-month global executive search by the board to find a leader with the right expertise and vision.
Patrick Dlamini: New CEO for the Public Investment Corporation
Patrick Dlamini takes over from Abel Sithole, who is retiring after five years of stabilising and transforming the organisation following governance challenges highlighted by the Mpati Commission of Inquiry. The Cabinet formally approved Dlamini’s appointment on 14 May 2025, signalling strong government confidence in his leadership.
Dlamini brings a wealth of experience with over 30 years in senior management roles across the public and private sectors. Notably, he spent more than a decade as CEO of the Development Bank of Southern Africa (DBSA), where he led significant developmental infrastructure projects across the continent. His leadership at the DBSA demonstrated his capability to steer complex institutions toward sustainable growth and impact.
Strong Academic and Professional Background
Patrick Dlamini’s academic credentials are impressive and well-rounded. He holds a Master of Science in Global Finance from New York University’s Stern School of Business and Hong Kong University of Science and Technology. Additionally, he earned a Bachelor of Commerce degree in Accounting and Economics from the University of KwaZulu-Natal. To complement his education, Dlamini completed executive training programmes at prestigious institutions including Wits University, the Kellogg School of Management, and Queen’s University in Canada.
Steering the PIC Towards Ethical Leadership and Governance
Minister in the Presidency, Khumbudzo Ntshavheni, announced the Cabinet’s approval, marking a crucial moment for the PIC. Managing assets exceeding R3 trillion on behalf of public entities like the Government Employees Pension Fund (GEPF), the PIC plays a vital role in South Africa’s economic landscape.
Dr David Masondo, PIC Board Chairperson and Deputy Finance Minister, described Dlamini as a “turnaround specialist” with a proven record of ethical leadership and operational excellence. Masondo emphasised that Dlamini’s expertise in managing complex organisational turnarounds and fostering sustainable growth uniquely positions him to lead the PIC forward.
“As Africa’s largest asset manager, the PIC requires principled leadership to strengthen governance, accountability, and ethics across all operations. Patrick Dlamini’s appointment is a clear step towards this goal,” Masondo said.
Addressing Present Challenges
Dlamini assumes leadership during a critical time as the PIC navigates challenges within its unlisted investment portfolio. A notable case is Daybreak Farms, a PIC-funded entity currently struggling with financial difficulties affecting salary payments and operational viability. Strengthening internal governance and ethical practices will be among Dlamini’s top priorities.
Recognising the Contributions of Outgoing CEO Abel Sithole
While welcoming the new CEO, the PIC board expressed sincere gratitude to Abel Sithole for his steady leadership during a challenging period. Sithole’s tenure involved rebuilding the PIC’s reputation after governance lapses identified by the Mpati Commission. He worked closely with stakeholders and regulators to implement reforms and professionalise executive appointments.
Under Sithole’s guidance, the PIC achieved the milestone of surpassing R3 trillion in assets under management by September 2024, reinforcing the organisation’s stability and ethical governance—a legacy upon which Patrick Dlamini will build.
Looking Ahead: Growth, Integrity, and Strategic Continuity
With Patrick Dlamini at the helm, the PIC is set for a new chapter focused on strategic continuity, enhanced governance, and sustainable development. His combination of technical knowledge, development experience, and principled leadership is critical as the organisation faces economic complexities and strives to deliver long-term value to South Africa’s public-sector investors.
Patrick Dlamini’s appointment as the new CEO for the Public Investment Corporation signals a promising future for Africa’s largest asset manager. His extensive leadership experience, ethical commitment, and strategic insight make him the ideal candidate to guide the PIC through current challenges towards sustainable growth.
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