Public Investment Corp Head Quits

March 23 - Brian Mofele, who has served with the South African based Public Investment Corp since 2003, has announced that he will quitting his role as Chief Executive Officer.

Mofele told the chairman of Africa's largest pension fund manager that he would not be "renewing his contract which expires on April 12".

The Public Investment Corp is one of the largest and most influential companies in Africa, managing the pension funds of over 90% of the South African government.

A spokesman for the PIC said that a successor for the 43 year old Mofele has still not been chosen.

Mofele joined the PIC after he served as deputy director general for the National Treasury. During his time at the fund manager, he helped introduce sweeping changes and reforms, including turning the PIC into a registered company that was subject to the same rules as other fund managers in the country.

He also created a voting record for the PIC public.

Mofele would not expand on why he was leaving his position where he earned R3.9 million a year.

It was rumoured that he was sidelined by President Zuma due to his association with Thabo Mbeki and the Cope party.

However, these were shot down by Mofele who told the media: "I serve this country and whoever is its leader. It is not true that I had links with Cope."

He said that he had been offered the opportunity to renew his contract but it was him who turned it down.

"I have been with the PIC for seven years now," he said. "We need to give this responsibility to another person."

PIC's power is formidable, and this was shown when, in one swoop last year, it pulled assets worth millions of Rands from fund managers such as Old Mutual Investment Group, Stanlib and Sanlam.