Chair of the Public Investment Corporation (PIC) David Masondo has resigned from the position. Masondo, who is also the deputy finance minister, tendered his resignation on Thursday, three days before a board meeting, which Business Day understands was going to see the board dissolved. His resignation is the latest development in a governance crisis over recent months that has engulfed Africa’s largest fund manager. The FSCA financial regulator sent a sharply worded letter to the board over governance failures and non-disclosure of a whistle-blower report.Four non-executive directors — Dorothy Kobe, Lerato Makwetla, Lindy Bodewig and Mpumelelo Maseko — resigned from the PIC on Monday, bringing to six the number of non-executive directors to quit the asset manager in the past week. It piles pressure on finance minister Enoch Godongwana to intervene urgently amid a deepening leadership vacuum that leaves the R3.6-trillion asset manager without a permanent CEO or chief investment officer (CIO).The root cause traces to a power struggle between Masondo and suspended CEO Patrick Dlamini, whose restructuring of the CIO role and cleanup of the troubled unlisted portfolio reportedly clashed with Masondo. This was compounded by the fallout from a PwC report criticising the roughly R400m Acapulco payout tied to the Lanseria Airport deal and separate value destruction from a R2bn investment in property group GRIT. “To help restore stability to the PIC after the period of instability that has followed the appointment of the new board eight months ago, I hereby resign as a non-executive director and chair of the board. My hope is that this decision will allow the institution to move forward with renewed focus and confidence,” Masondo said in a letter dated July 23. “I further confirm that under my chairpersonship it has increased its investment portfolio by more than R1 trillion, and the Mpati recommendations within the PIC’s control were implemented to address good governance deficiencies, as the minister confirmed in various parliamentary sessions.“Due to time constraints, I will in due course furnish you with further and full reasons that led to this noble decision.” Deputy finance minister, David Masondo resignation letter as PIC board chairperson. “ under my chairpersonship it has increased its investmentportfolio by more than R1 trillion, and the Mpati recommendations within the PIC’scontrol were implemented to address good governance… pic.twitter.com/Yw4R4jts15— Thando Maeko (@HelloThando) July 23, 2026