The leadership crisis at the Public Investment Corporation deepened on Thursday after board chair David Masondo resigned days before a crucial shareholder meeting, where the remaining non-executive directors were expected to be removed.
Public Investment Corporation (PIC) chair David Masondo has resigned ahead of a shareholder meeting called by Finance Minister Enoch Godongwana, where he was expected to be removed along with the remaining non-executive directors.
Masondo, who is also the Deputy Minister of Finance, announced his resignation in a statement late on Thursday as the PIC grapples with one of the most serious governance crises in its history.
"I have decided to resign as chairperson of the board of the Public Investment Corporation after careful reflection," Masondo said.
"I do so in the interests of the Republic of South Africa, the continued stability of the PIC, and the confidence of the millions of South Africans whose savings are entrusted to this institution."
