Sbu Shabalala stepped down Tuesday as chief executive of Adapt IT, a JSE-listed software group helped found in 1998 and is now valued at R934 million.
On May 10, Shabalala was granted a three-month leave of absence to attend to personal matters after he was accused of masterminding an attack on an Ethekwini municipality manager.
Tiffany Dunsdon, chief commercial officer, who is interim CEO while Shabalala is on leave, will continue in her role, Adapt IT announced on Tuesday.
“Shabalala has since taken the decision to terminate his employment with Adapt IT and resign as director of Adapt IT and its subsidiaries with effect from 6 August 2021. The Board has duly accepted his resignation and wishes him well in his future endeavours,” Adapt IT said in a statement.
“Adapt IT will make an announcement in due course on a permanent replacement for Mr Shabalala as CEO. In the meantime, Ms Tiffany Dunsdon will continue in her role as interim CEO.”
Shabalala temporarily stepped down after he was accused of ordering unidentified men to assault his estranged wife, Neo Shabalala’s partner, Sipho Nzuza.
Uyandiswa, a start-up project management consultancy based in Johannesburg, is now generating about R100 million in turnover after benefiting from JSE listed software firm Adapt IT’s enterprise development programme.
The start-up led and founded by Amanda Dambuza joined Adapt IT’s enterprise development programme in 2014.
At the time, the JSE-listed company acquired 49% of Uyandiswa as part of a three-year programme.
Benefiting from the programme, Uyandiswa has grown from a two-person business, helping Dambuza to build it into an 80 person-strong firm with a turnover nearing R100 million.