PIC Board appoints new COO and CRO

The Public Investment Corporation (PIC) board of members has on Tuesday confirmed the appointment of their new chief operating officer (COO) and chief risk officer (CRO).

Vuyani Hako, who previously served as acting CEO between March 2019 and July 2020, was appointed as the new COO. Hako was the PIC’s executive head for properties and assumed his role as COO from the beginning of November.

The board has also welcomed August Van Heerden who will be serving as Chief Risk Officer as of January 2021. Van Heerden is currently the CRO for the ABSA group.

The PIC is a state owned entity (SOE) with more than R2-trillion (around $150 billion) in assets under management, according to the recent data.

“I congratulate Messrs Hako and Van Heerden with their appointment and look forward to working with them in rebuilding institutional integrity and trust amongst our people, our clients and key stakeholders, as the PIC reclaims its place amongst the best and esteemed,” said CEO of the PIC, Abel Sithole, in a statement on Tuesday.

Hako boasts an MBA as well as a Bachelor of Science Degree in Town and Regional Planning. He also represents the PIC on a number of boards of investee companies as a non-executive director.

Van Heerden holds a Bachelor of Accounting Science (Honours) and a Bachelor of Commerce as well as several other diplomas in the financial sphere.

Sithole lauded Van Heerden for his vast knowledge in the financial industry given his time spent at major South African Banks.

“I am excited to welcome Mr Van Heerden to the PIC team. He has extensive experience in the financial services industry as a corporate finance executive, having worked at Nedbank, Standard Bank and Discovery Bank, amongst others,” Sithole said.

The board also said they will continue the recruitment process in order to appoint a new chief investment officer and a chief technology officer, in order to strengthen the executive management team and ensure better governance.