Patrick Dlamini Appointed New CEO of the Public Investment Corporation (PIC)
Former DBSA Chief Brings Decades of Leadership Experience to Africa’s Largest Asset Manager
The Public Investment Corporation (PIC), one of Africa’s most influential asset managers, has confirmed the appointment of Patrick Dlamini as its new Chief Executive Officer. The appointment, effective from 1 June 2025, was officially approved by Cabinet during its meeting on 14 May. This concludes a rigorous seven-month global executive search initiated by the PIC board.
Patrick Dlamini is a seasoned leader with over 30 years of senior management experience. He will succeed Abel Sithole, who is retiring after completing a five-year term marked by significant organisational transformation and growth.
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A Proven Leader in Development Finance
Patrick Dlamini brings with him a wealth of experience. Most notably from his role as CEO of the Development Bank of Southern Africa (DBSA), where he served for more than a decade. Under his leadership, the DBSA played a key role in advancing developmental infrastructure across the continent.
He holds a Master of Science in Global Finance from New York University’s Stern School of Business and the Hong Kong University of Science and Technology. His academic credentials are further bolstered by a Bachelor of Commerce in Accounting and Economics from the University of KwaZulu-Natal (formerly Durban-Westville). He also has executive training from prestigious institutions, including Wits University, the Kellogg School of Management, and Queen’s University in Canada.
Cabinet’s Endorsement and Board Confidence
Minister in the Presidency, Khumbudzo Ntshavheni, announced the Cabinet’s approval. This marks a significant moment for the PIC. The PIC manages more than R3 trillion in assets on behalf of various state entities. This includes the Government Employees Pension Fund (GEPF).
PIC Board Chairperson and Deputy Finance Minister, Dr David Masondo, praised Dlamini as a “turnaround specialist”. He has a strong track record of ethical leadership and operational excellence. “Mr Patrick Dlamini brings to the PIC an exemplary record of strategic and ethical leadership. With nearly three decades of experience in major corporations. His expertise are in leading complex turnarounds, fostering operational excellence, and driving sustainable growth positions him to advance the PIC’s investment mandate,” said Masondo.
Challenges Ahead: Unlisted Portfolio and Governance
Dlamini assumes leadership at a pivotal moment for the PIC, particularly as it navigates challenges in its unlisted investment portfolio. One of the most pressing issues is the crisis at Daybreak Farms. A PIC-funded entity that recently struggled with financial constraints severe enough to affect salary payments and animal feed supply.
Masondo noted that Dlamini is expected to strengthen internal governance structures and reinforce ethical practices across the organisation. “His principled commitment to corporate governance will strengthen our response to embed ethics, accountability, and integrity across all PIC business functions. It will also drive long-term growth and value in the investment portfolios of our clients,” he added.
Tribute to Abel Sithole’s Legacy
The board also extended its deep appreciation to the outgoing CEO, Abel Sithole. During his term, he stabilised and reformed the PIC in the wake of governance failures exposed by the Mpati Commission of Inquiry. Appointed during a turbulent time, Sithole played a key role in rebuilding trust with stakeholders and regulators, implementing the commission’s recommendations, and professionalising executive appointments.
Under Sithole’s leadership, the PIC reached a historic milestone when its assets under management surpassed R3 trillion by September 2024. “Mr Sithole ensured that governance structures were reconfigured and strengthened, bringing a sense of stability, ethical leadership, and accountability to the organisation,” said Masondo.
Sithole has committed to supporting a seamless leadership transition, and he continues to enjoy the full support of the PIC board.
As Africa’s largest asset manager, the PIC plays a critical role in the financial ecosystem and the development of South Africa. With Patrick Dlamini at the helm, expectations are high for strategic continuity, improved governance, and sustainable growth. His blend of technical expertise, developmental insight, and commitment to ethical leadership positions him well to meet the challenges ahead.
