The Public Investment Corporation (PIC) and its CEO Dan Matjila have parted ways after the asset manager's board accepted his resignation with immediate effect on Friday, saying this was in the best interests of the organisation and Matjila. Tensions between the board and Matjila, who has in recent months been at the centre of accusations of impropriety at the PIC, reached a head this week after Matjila's resignation letter was leaked. In the letter Matjila offered to resign, but on his own terms, and within five months, which the board refused to agree to. He had given the board until Friday to respond to the letter. PIC chairman Mondli Gungubele told Business Times: "The board read in the CEO's letter the declaration of a dysfunctional relationship and took a view that it could not ignore that declaration of a struggling relationship." He said the board decided to reject Matjila's terms, including a request to assist in appointing his successor. Gungubele declined to elaborate fur...

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