Why PIC board decided to let Matjila go

Chairperson of the PIC Mondli Gungubele says the board has decided to let CEO Dan Matjila go despite him offering to stay on for five months to do a proper hand over to the new CEO.

Gungubele says the board viewed the contents of Matjila's letter as a resignation which it then decided to execute with immediate effect.

The board felt that it was not helpful to accede to his resignation conditions, in other words, the resignation is his initiative.

Mondli Gungubele, Chairperson of the PIC

The chief financial officer, Matshepo More has been appointed as acting chief executive as the investigator never found her guilty of any wrongdoing during the investigation, says Gungubele.

He says because she was never found wanting, the board saw it fit to appoint her as the acting CEO.

Listen below to hear more from the chairperson of PIC and its way forward.


This article first appeared on CapeTalk : Why PIC board decided to let Matjila go


Recommended

by NEWSROOM AI
Read More
Matjila must not play games, he must go now - Bantu Holomisa

Matjila must not play games, he must go now - Bantu Holomisa

Public Investment Corporation (PIC) CEO Dan Matjila has reportedly offered to step down from the PIC, but only in five months.

 Dan Matjila won't escape PIC inquiry, says Sikonathi Mantshantsha

Dan Matjila won't escape PIC inquiry, says Sikonathi Mantshantsha

Matjila has previously been accused of channelling PIC funds meant for corporate social investment to help his alleged girlfriend.

Holomisa vows to 'nail down' PIC looters amid reports Matjila wants a payout

Holomisa vows to 'nail down' PIC looters amid reports Matjila wants a payout

UDM leader Bantu Holomisa says his party will oppose in court if the board recommends a golden handshake for the PIC boss.

Nene announces plans to establish inquiry into the PIC

Nene announces plans to establish inquiry into the PIC

Finance Minister Nhlanhla Nene met with the board on Wednesday to discuss governance issues at the state-owned fund manager.

Holomisa adamant, Lebashe Investment suing the general over corruption claims

Holomisa adamant, Lebashe Investment suing the general over corruption claims

UDM leader Bantu Holomisa says he is ready to face those who are taking him to court.

Bantu Holomisa accuses Ramaphosa of keeping mum on PIC corruption

Bantu Holomisa accuses Ramaphosa of keeping mum on PIC corruption

In his letter to the President, Holomisa accuses prominent business people of being involved in large-scale corruption at the PIC.

There’s no truth in this - PIC CEO on allegations against Zweli Mkhize

There’s no truth in this - PIC CEO on allegations against Zweli Mkhize

The Money Show’s Bruce Whitfield interviews Public Investment Corporation CEO Dr Daniel Matjila.

Matjila 'going nowhere' says PIC of controversial CEO

Matjila 'going nowhere' says PIC of controversial CEO

Daniel Matjila has previously been linked to a number of questionable investments and financial dealings.

Dan Matjila must be suspended immediately - UDM

Dan Matjila must be suspended immediately - UDM

Finance Minister Nhlanhla Nene is looking afresh at corruption allegations made last year against Matjila.

Popular articles
[WATCH] SANDF members hilariously mess up a supposedly easy practice run

[WATCH] SANDF members hilariously mess up a supposedly easy practice run

Khabazela shares tweets and Facebook posts that have gone viral.

[LISTEN] Wife of Vele Investments' Madzonga flatly denies VBS involvement

[LISTEN] Wife of Vele Investments' Madzonga flatly denies VBS involvement

Vele Investments CEO Robert Madzonga's estranged wife Khosi shares her side of the story on the VBS saga.

‘We’d be crazy to copy! Sometimes we get it wrong. There's no culture problem'

‘We’d be crazy to copy! Sometimes we get it wrong. There's no culture problem'

The Money Show’s Bruce Whitfield interviews Ian Moir, CEO at Woolworths.

Is EOH corrupt? Is that why Microsoft ran for the hills? Its CEO explains…

Is EOH corrupt? Is that why Microsoft ran for the hills? Its CEO explains…

The Money Show’s Bruce Whitfield interviews Stephen van Coller, CEO at EOH Holdings.

'R23 million for rent a month seems huge. I don't think we could've done better'

'R23 million for rent a month seems huge. I don't think we could've done better'

The Money Show’s Bruce Whitfield interviews Adrian Gore, founder and Group Chief Executive Officer at Discovery Limited.

[VIDEO] Muizenberg pedestrian attacked in broad daylight

[VIDEO] Muizenberg pedestrian attacked in broad daylight

A woman was attacked on her way to work earlier this month.