EDITORIAL: How politicians turned the PIC toxic
It seems that each new incoming head of state has felt the need to appoint his own leadership at the PIC
The departure of Public Investment Corp CEO Daniel Matjila in murky circumstances is cause for concern. More so because Matjila, who resigned last week, is not the first to leave under unexplained circumstances. Nor is he the first to leave his post before his contracted term of office expired. It was the same story with Matjila’s immediate predecessor, Elias Masilela, who resigned and left with immediate effect in June 2014. Masilela had been in the position just over three years, cutting short his five-year contract. As with Matjila, no reasons were given for his abrupt departure. And yet both of those executives should have given six months’ notice. In fact, look back further and you’ll see that not a single CEO of the PIC in SA’s democratic era has served out the contracted term. Disturbingly, it seems that each new incoming head of state has felt the need to appoint his own leadership at the PIC. Brian Molefe, for example, served under Thabo Mbeki and Trevor Manuel; Masilela an...
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