The board of Africa's largest state-run fund suspended Chief Executive Officer Patrick Dlamini in a late-night move that highlighted the deepening feud at the $219 billion asset manager. The suspension of Dlamini, who has led the Public Investment Corporation since 2017, marks a dramatic escalation in governance tensions at the Pretoria-based institution that manages assets for South African government employees.

The board's decision, announced after an emergency meeting, cites a breakdown in trust and communication between Dlamini and non-executive directors. Sources familiar with the matter indicate disagreements over investment strategy, risk oversight, and the CEO's management style had been mounting for months.

The PIC, which oversees pension savings for more than 1.2 million public servants, faces heightened scrutiny from regulators and stakeholders. The fund's acting chairperson emphasized the suspension was necessary to protect the institution's integrity and ensure stable leadership during a critical period.

An interim CEO is expected to be appointed within days as the board initiates a formal review of governance structures. The turmoil threatens to delay key infrastructure and development investments across the continent.