Adapt IT CEO Sbu Shabalala steps down to “attend to personal matters”

Adapt IT CEO Sbu Shabalala has taken a leave of absence for three months to “attend to personal matters”.

This news comes a day after a Sunday Times report containing serious armed assault allegations against Shabalala by his estranged wife, Neo.

Shabalala is accused of ordering heavily armed men to beat up Neo Shabalala’s partner, who is now in critical condition in hospital.

Following her partner’s assault, Neo said Sbu told her “I have given you seven months to sign [an agreement in their legal dispute] and you haven’t. You have 30 days to sign.”

This is related to a legal battle over money where Neo is claiming part of Sbu’s assets which she says is over R133 million.

Following the attack, Neo was granted an urgent restraining order against Sbu from entering the Zimbali property where she lives.

MyBroadband asked Sbu Shabalala for comment, but his spokesperson said he has been advised by his legal representatives to decline to make any statements at this stage.

This, he said, is because of the divorce court proceedings and the inherently private nature of the matter.

Adapt IT’s share price fell by over 12% following this news, and on Monday the company announced Shabalala was stepping down to attend to personal matters.

“Sibusiso Shabalala, the current CEO, has been granted a leave of absence for three months by the Board in order to attend to personal matters,” the company said.

The company’s chief commercial officer, Tiffany Dunsdon will serve as interim CEO while Shabalala is on leave.

Adapt IT has further announced that Tony Vicente, the company’s chief strategy officer, has been appointed as an executive director of Adapt IT.

It is not clear whether the issues surrounding Shabalala will influence the proposed deal with Volaris.

Adapt IT and Volaris recently said shareholders holding 44.4% of Adapt IT shares, which include Shababala, support the offer from Volaris to acquire control of Adapt IT.

MyBroadband asked Volaris whether the allegations against Shabalala could change their offer, but the company did not respond by the time of publication.

Adapt IT share price

The chart below shows the Adapt IT share price over the last 5 days.

Now read: Serious armed assault allegations against Adapt IT CEO Sbu Shabalala

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Adapt IT CEO Sbu Shabalala steps down to “attend to personal matters”