PIC Chair David Masondo Resigns Ahead of Planned Board Shake-Up

PIC saga: Masondo walks, but the real fight is only starting

Deputy Finance Minister David Masondo has resigned as PIC Chairperson, but Alec Hogg argues this is a strategic exit, not a clean one. With the CEO and acting CIO suspended, the FSCA investigating, directors resigning and a court date looming this week, Masondo used his final act to flag unresolved allegations rather than let them disappear with the dissolved board. The DA says his exit changes nothing without the structural reform its Pension P…

PIC chair David Masondo resigns ahead of planned board shake-up

Public Investment Corporation chair David Masondo has resigned ahead of a shareholder meeting where Finance Minister Enoch Godongwana was expected to remove him and the remaining non-executive directors amid a deepening governance crisis.

South Africa's deputy finance minister resigns as chair of state asset manager

South African Finance Chief to Name New PIC Board

South African Finance Minister Enoch Godongwana announced on Friday that he will appoint a new board for the state-owned Public Investment Corporation (PIC) following a wave of high-profile resignations. Eight board members, including deputy finance minister and PIC board chair David Masondo, have stepped down from the asset manager, with Masondo’s exit on Thursday marking the latest departure. To finalise the overhaul, Godongwana has called a g…

Finance Minister commends Dr David Masondo for stepping aside as PIC chairman

Minister of Finance Enoch Godongwana on Friday commended his deputy minister Dr David Masondo for his decision to step aside as PIC chairman, as both “good and necessary, given the governance challenges confronting the institution.” “The Minister thanks Dr Masondo for his service and commends his decision to step aside as both good and necessary, given the governance challenges confronting the institution,” the Minister said Friday afternoon in …

PIC Board Chair Masondo Resigns Amid Deepening Governance Crisis

Johannesburg – Dr. David Masondo has resigned as Chairperson of the Board of the Public Investment Corporation (PIC), adding to the stream of resignations amid a deepening governance crisis at the state-owned asset manager. PIC, which oversees more than R3 trillion in assets, primarily public sector pensions, has seen six non-executive directors resign this month, July 2026. The resignations began on or around 15 July 2026, when non-executive di…