Elias Masilela resigned unexpectedly on Friday after three years as chief executive of the Public Investment Corporation (PIC), Africa’s biggest and most influential fund manager.
PIC spokeswoman Nomzamo Petje said Masilela would leave with immediate effect.
Matshepo More was appointed acting chief executive.
The PIC is the biggest stock investor in the country.
Under Masilela’s stewardship, the assets under management grew to R1.6 trillion and the PIC extended its investments in sub-Saharan Africa.
“During his tenure at the PIC, the implementation of the PIC’s developmental investment policy that focuses on influencing the real economy directly in terms of growth, employment and poverty reduction took place,” Petje said.
Last year the PIC and Bidvest, as combined 55.5 percent owners of Adcock Ingram, successfully blocked a takeover of the drug manufacturer by Chile’s CFR Pharmaceuticals. The PIC preferred Adcock to remain in South African hands
Masilela signed the PIC up to the UN Global Compact. He remains a member of the National Planning Commission, responsible for formulating the National Development Plan, the country’s economic blueprint.