PIC board 'expresses full confidence' in CEO, then contradicts itself
PIC says it is conducting an investigation into CEO Dan Matjila
After a day of high drama in which CEO Daniel Matjila fought to retain both his reputation and job, the Public Investment Corporation (PIC) expressed full confidence in Matjila. But the asset manager also contradicted itself, saying in the same statement that it is conducting an investigation into Matjila. “Following the deliberation by the board on the allegations and representations, the board accepted the representations of the CEO. Following the meeting, the board expressed its confidence in the ability and integrity of the CEO, Dr Daniel Matjila, management and staff of the PIC,” said the PIC in a statement on Friday evening. The board accepted Matjila’s explanations after the long-serving executive “provided detailed documentary evidence of the decisions made by the PIC and that the process followed was in accordance with all policies, procedures and delegation of authority of the PIC”. He joined the PIC in 2003 as chief investment officer, before being promoted to his current...
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