Dan Matjila has resigned as the Public Investment Corporation (PIC) CEO with immediate effect on Friday.

The board said in a short statement that it deliberated on Matjila’s expressing his intention to resign and “resolved that in the interest of the PIC and the CEO, we accept his resignation with immediate effect”.

The reasons for his resignation were not disclosed.

In an internal staff letter, PIC chairperson Mondli Gungubele said executive director and CFO Matshepo More will be the acting CEO.

The PIC board said Matjila “has over the years in various capacities, served the PIC with dignity and distinction” and “played an integral role in fulfilling the PIC’s vision of meeting and exceeding our clients’ mandates”.

“Under his leadership, the PIC has grown from strength to strength and has attracted dedicated and competent employees of world class calibre.”

The PIC manages R2-trillion in government pension and other funds and is Africa’s largest asset manager.

The PIC has been in the spotlight over the past two years for alleged improprieties regarding investments and the conduct of its office bearers and employees, it was reported previously.

Matjila’s conduct will likely come under scrutiny during the presidential commission of inquiry into the PIC, that has yet to begin. The commission is due to complete its work by the end of March.