The cabinet has appointed a new board for the embattled Public Investment Corporation (PIC), with deputy minister of planning, monitoring and evaluation Seiso Mohai named as chair. The appointments follow a wave of resignations that exposed deep governance challenges at the asset manager, which oversees more than R3.6-trillion in assets. Minister in the presidency Khumbudzo Ntshavheni announced Mohai’s appointment on Thursday, when she briefed the media on the outcomes of the cabinet meeting held on Wednesday. The new nonexecutive members of the PIC board are Mohai (chair), Patience Nqeto, Lebogang Mokgabudi, Gatlelane Ouma Rasethaba, Vivien McMenamin, Bajabulile Swazi Tshabalala, ltani Mafune, and Moipone Ramoipone as the Treasury representative. Business Day reported that deputy finance minister David Masondo resigned as the PIC chair last week, days before a board meeting that Business Day understands was going to result in the board’s being 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 nondisclosure of a whistle-blower report.Nonexecutive directors — Dorothy Kobe, Lerato Makwetla, Lindy Bodewig and Mpumelelo Maseko — resigned from the PIC, bringing to six the number of non-executive directors to quit the asset manager in a week. The resignations were viewed as piling pressure on finance minister Enoch Godongwana to intervene urgently amid a deepening leadership vacuum that left the company 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. With Kabelo Khumalo and Thando MaekoBusiness Day