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CEO of South Africa’s government pension fund steps down

2 Jun 2014

SA flagChief executive of Public Investment Corporation (PIC) Elias Masilela has decided to leave the South African government pension fund after more than three years in the job.

Since Masilela took over as CEO in February, the fund has seen its assets under management climb to more than R1.6tn ($151bn) from under R1tn.

Masilela will take his outstanding leave with immediate effect and his resignation will become effective at the end of this month. He will be replaced by Matshepo More on an interim basis.

Masilela is a member of the UN Global Compact and remains a commissioner of the National Planning Committee responsible for formulating South Africa’s national growth strategy, the National Development Plan.

“We want to acknowledge Mr Masilela’s contribution to the organisation. We wish him well in his future endeavours,” said PIC.

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