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South Africa's PIC appoints 1st nonpolitical chairman

Reuel Khoza, former chairman of power utility firm Eskom Holdings, has been appointed as the first nonpolitical chairman of South Africa's state-owned Public Investment Corp. (SOC) Ltd., Bloomberg News reported July 25.

The fund manager went against the historical practice of giving the chairman's position to the South African deputy finance minister, as it battles to enhance transparency and restore its reputation following various scandals.

Khoza, who is also chairman at Dzana Investments (Pty.) Ltd. and Aka Capital, will lead 14 directors appointed earlier in July after the previous board resigned amid allegations of wrongdoing leveled at company officials, Bloomberg said.

Sindi Mabaso-Koyano, who also has experience on Eskom's board, will serve as Khoza's deputy, the newswire added.

The company is still on the lookout for a long-term successor for CEO Daniel Matjila, who stepped down after accusations of corruption were leveled at him. The company appointed Matshepo More acting CEO after Matjila stepped down, but subsequently suspended More and replaced her with Vuyani Hako.

The company expects to appoint a long-term CEO in three to six months, the new chairman told reporters. Meanwhile, Hako will continue as acting CEO, the report said.