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South Africa's PIC denies considering ex-Absa executive as next CEO
By Tiisetso Motsoeneng
JOHANNESBURG, April 18 (Reuters) - South Africa's state
pension fund denied considering a former banking executive as
its next chief executive as it seeks to fill a position which
has become increasingly sensitive given the successive
departures of its CEO and temporary replacement.
Citing unnamed people, Bloomberg had reported that Public
Investment Corp (PIC) is considering Kennedy Bungane, formerly
of lender Absa Group, as its new CEO.
The move would follow the abrupt departure of Dan Matjila in
November and the suspension of stand-in successor Matshepo More
"The reports are speculative and baseless," said PIC, which
plays a central part in the country's financial sector as it
manages more than 2 trillion rand ($142 billion) of government
employee pensions and is Africa's biggest fund manager.
PIC is also the biggest investor in South Africa’s economy,
holding a large chunk of government bonds and stakes in
blue-chip companies such as miner Anglo American, lender
Absa and grocer retailer Shoprite.
As part of the legal process of appointing a new CEO, the
position would need to be advertised before a panel makes a
recommendation to the finance minister as to the best candidate.
"As of today, no advertisement has gone out," PIC said in a
Matjila, who had been at helm since 2014, quit after
President Cyril Ramaphosa ordered an inquiry into the company
following accusations that senior executives had misused funds
and made careless investment decisions.
PIC then in March suspended acting chief executive More over
alleged interference in an inquiry into impropriety at the fund.
($1 = 14.0575 rand)
(Reporting by Tiisetso Motsoeneng
Editing by David Holmes)
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