This after the board of the PIC on Friday deliberated on the letter from the ubiquitous chief executive expressing his intention to resign.
The board of the largest asset manager in Africa decided that in the interest of both the PIC and the chief executive, he would accept his resignation with immediate effect.
In a letter to the PIC chairman, Chairman Mondli Gungubele said:
"After careful consideration of this correspondence, I regret to inform you that the board has decided that it will accept the resignation with immediate effect in the interest of the chief executive and that of the PIC.
"The board further decided that More as executive director and chief financial officer will act as chief executive officer.
"Colleagues, I can never stress enough how much trust the board has shown in you as the human resource of PIC.You have proven to be resilient during turbulent times that the PIC has gone through, so we have no doubt that you will continue with the dedication, professionalism and commitment you have shown to the PIC in carrying out your duties.
"The PIC's vision to meet and exceed the mandate of our customers can only be achieved with your continuous efforts.
"The board will soon make use of other issues that may be important to ensure lasting stability."
At the announcement of his decision, the board said that Dr Matjila over the years served the PIC with dignity and distinction in different capacities.
"He has played an integral role in fulfilling the PIC's vision to meet and exceed the mandates of our customers, under his leadership the PIC has grown in strength and strength and has attracted dedicated and competent world-class employees", according to the board.
The board of the PIC wished Dr. Matjila well in all his future efforts and stated that there was no doubt that he would still contribute to the country and the continent as a whole.
Dr. Matjila has withstood a few storms with the PIC over the last 15 years, but he is most proud of the company growing to an R2 trillion asset manager. Matjila joined the PIC in 2003 as a risk manager. At the time, it was the Public Investment Commission. Matjila became the first Chief Investment Officer in 2005 after the PIC became a corporation.
He began his five-year tenure as chief executive in 2014. Former finance minister Nhlanhla Nene described him as a strategic thinker, with extensive knowledge and experience in asset management and investment.
Since the privatization, the PIC assets have grown from R461 billion in 2005 to more than R2trln today.
The value of the assets managed by the PIC increased by 8.6 percent in the year to March 2018, supported by a diversified investment strategy, according to the fund in its annual report. The asset manager said that the assets under his custody grew to R2.08trln of R1.91trln the year before.