The Public Investment Corporation (PIC), Africa’s largest asset manager, has appointed Batandwa Damoyi acting CEO with immediate effect after placing Chief Executive Officer Patrick Dlamini on precautionary suspension, handing the finance executive responsibility for leading Africa’s largest asset manager during a period of heightened scrutiny.

The state-owned investment manager said Wednesday that Damoyi, its chief financial officer since April 2024, will oversee operations while internal processes linked to Dlamini’s suspension continue.

“The Board believes Damoyi’s appointment will ensure continuity of leadership and the uninterrupted execution of the PIC’s mandate,” the corporation said.

Experienced finance executive takes charge

A Chartered Accountant (CA(SA)), Damoyi brings more than 17 years of leadership experience across finance, governance and corporate strategy in both the public and private sectors.

Since joining the PIC as chief financial officer, she has played a key role in strengthening financial oversight and governance, according to the board.

The board said it is confident Damoyi will provide the leadership needed to maintain operational stability and continue serving clients and stakeholders.

Governance remains in focus

The appointment comes as the PIC manages more than R3 trillion ($183.8 billion) in assets on behalf of public-sector clients, including the Government Employees Pension Fund, making it South Africa’s largest institutional investor and one of the Johannesburg Stock Exchange’s most influential shareholders.

The leadership transition follows Dlamini’s suspension after whistleblower allegations of impropriety. The board said the decision was made under its whistleblower policy and does not prejudge the outcome of ongoing internal processes.

South Africa’s Financial Sector Conduct Authority has confirmed it is assessing recent developments at the PIC after the leadership changes raised questions about governance and institutional oversight.

The latest changes also come after non-executive directors Thabi Nkosi and Nosiphiwo Balfour resigned from the board, adding to growing attention on governance at the state-owned asset manager.