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