Founder and CEO of Adapt IT, Sbu Shabalala has announced his resignation from the company.
Adapt IT confirmed the news on Tuesday, saying that Shabalala had decided “to terminate his employment with Adapt IT and resign as director of Adapt IT and its subsidiaries with effect from 6 August 2021”.
In the interim, Tiffany Dunsdon has been chosen to continue as acting CEO while the company begins the process of choosing a permanent replacement for Shabalala. Shabalala has been at the helm of the company since founding it 15 years ago.
“The board has duly accepted his resignation and wishes him well in his future endeavours,” Adapt IT said.
Shabalala’s resignation comes after the Sunday Times reported that his wife, Neo Shabalala filed an urgent interdict against her estranged husband. She is accusing him of ordering an armed attack on her new partner, suspended eThekwini city manager Sipho Nzuza.
Reportedly, Nzuza ended up in critical condition after he and Neo Shabalala were subject to a home invasion by a group of men. Shabalala told Fin24 that the allegations against him were without merit, saying that it was “clearly an unrelated attack. I have been caught in the crossfire.”
He added that the best way to deal with the allegations was through the judicial system.
Shabalala had previously taken a leave of absence for three months in May “to attend to personal matters.”
Volaris Group Looks to Acquire Adapt IT
The reports of the attack and allegations made against Shabalala came as Adapt IT received a crucial takeover bid from Canada-based Volaris Group. Last month, the group said that a sufficient majority of Adapt IT shareholders voted in favour of the takeover bid.
Volaris has been offering the shareholders R7.00 per Adapt IT share, up from the previous R6.50. The group says this represents a premium of 68% to the closing price of Adapt IT shares of R4.16 on 1 April 2021, being the last trading date prior to the date on which Volaris and Adapt IT entered into the Volaris offer agreement.