Lungisa Fuzile will become the new director-general (DG) of the National Treasury on May 16, Finance Minister Pravin Gordhan announced on Wednesday.

Fuzile will succeed Lesetja Kganyago who will become the deputy governor of the South African Reserve Bank.

Fuzile is the Treasury’s head of asset and liability management, a position where one of his duties is to meet with domestic and foreign investors twice a year to sell them the prospects of South Africa.

He joined the Treasury in February 1998 as a deputy director in the intergovernmental relations division and later became the head of the division.

Before joining the Treasury, Fuzile worked as a statistician, university lecturer and teacher.

“I would like to take this opportunity to thank Mr Lesetja Kganyago, the outgoing DG, for his vibrant leadership and dedication over the past 15 years. We are confident that the exceptional work of the department will continue under Mr Fuzile’s sterling leadership,” said Gordhan.