The Public Investment Corporation has appointed CFO Batandwa Damoyi as acting CEO following Patrick Dlamini's precautionary suspension as governance concerns continue to dominate South Africa's largest asset manager.
The Public Investment Corporation (PIC) has appointed its chief financial officer, Batandwa Damoyi, as acting chief executive officer with immediate effect, as the state asset manager seeks to restore stability following the precautionary suspension of CEO Patrick Dlamini earlier this week.
The appointment comes as the PIC continues to grapple with an escalating governance crisis that has placed renewed scrutiny on the institution responsible for managing approximately R3.6 trillion in assets, including funds on behalf of the Government Employees Pension Fund.
In a statement issued on Wednesday, the PIC board said Damoyi's appointment followed Dlamini's precautionary suspension and was intended to ensure uninterrupted leadership while internal processes continued.
Patrick Dlamini, The Public Investment Corporation has suspended its CEO and CIO amid a governance crisis linked to a controversial investment in Lanseria Airport, raising concerns over its management of pension funds.
