South Africa PIC chair David Masondo resigns amid turmoil

Deputy Finance Minister David Masondo has resigned as chairperson of South Africa's Public Investment Corporation, stepping down from the helm of the R3.5 trillion asset manager amid a deepening governance crisis. Masondo announced his resignation late on Thursday, July 23, 2026, just days before a shareholder meeting where he and the remaining nonexecutive directors were expected to be removed by Finance Minister Enoch Godongwana.

In his statement, Masondo said he resigned after careful reflection in the interests of national stability and to maintain confidence in the institution, which safeguards the retirement savings of millions of public servants. He noted that he served at the pleasure of the shareholder minister and said he was pleased the finance minister recognized he acted with integrity and in good faith throughout his tenure. Masondo defended the board's collective actions, stating they were based on sound legal advice and principles of good governance, and highlighted progress on implementing reforms recommended by the earlier Mpati Commission of Inquiry.

His departure is the latest in a series of destabilizing events at the PIC over recent weeks. Chief Executive...