David Masondo resigned as chairperson of the Public Investment Corporation (PIC) on 23 July 2026, citing the interests of South Africa and the stability of the PIC, following a week marked by high-level resignations and the suspension of the CEO amid governance investigations, according to a statement released by the PIC.

Leadership Crisis And Governance Probes

Masondo’s resignation comes after the precautionary suspension of PIC CEO Patrick Dlamini, pending an investigation into whistleblower allegations, and the departure of six directors within one week. The Financial Sector Conduct Authority (FSCA) has announced a governance probe into the PIC, Africa’s largest asset manager, which manages over R3 trillion in assets on behalf of the Government Employees Pension Fund.

Masondo, serving as Deputy Finance Minister, stated, “I have decided to resign as chairperson of the board of the Public Investment Corporation. I do so in the interests of the Republic of South Africa, the continued stability of the PIC, and the confidence of the millions of South Africans whose savings are entrusted to this institution.”

Historical Challenges And Future Confidence

The PIC has faced governance challenges for over a decade, with a 2020 judicial inquiry identifying weaknesses in oversight, accountability, and investment decision-making. Masondo highlighted unresolved matters, including the whistleblower report, allegations against the CEO, and the Acapulco issue referred to the Special Investigating Unit, stressing the need for thorough investigation and resolution.

“I hope that the outstanding matters the previous Board was dealing with… will be thoroughly investigated and appropriately addressed, rather than being swept under the carpet,” Masondo stated in his formal resignation. He expressed confidence in the PIC’s future ability to safeguard public servants’ retirement savings and support national economic development.

The PIC has yet to announce its next steps, as the FSCA probe and internal investigations continue.