Adapt ITâs CEO begins fight back
By Sandile Mchunu
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DURBAN - ADAPT ITâs under-fire chief executive Sbu Shabalala yesterday hit back at claims that he hired armed thugs to assault the partner of his estranged wife.
The negative publicity hurt the groupâs share price as it fell by more than 13 percent on Monday when the allegations surfaced and Shabalala agreed to go on leave for a period of three months.
Yesterday, the share price closed at R6.45 on the JSE.
Adapt IT has since appointed chief commercial officer Tiffany Dunsdon in an acting capacity.
âThe allegations against me are without merit. The best way to deal with them is through the judicial system. This is not only to clear my name of wrongdoing but also reveal those who are using my proximity to the situation to serve their own ends. This campaign is cold-hearted and must be condemned,â Shabalala said in a letter addressed to the media.
Adapt IT shares tumble as CEOâs reputation is questioned
By Sandile Mchunu
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DURBAN - ADAPT IT S share price fell by more than 13 percent on the JSE yesterday after media reports about its chief executive - Sbu Shabalala - emerged which have dented his reputation.
Shabalala has been cited in the weekend media as having allegedly hired armed thugs to beat the partner of his estranged wife.
Adapt IT said it had granted Shabalala leave of absence, at his request, for three months with effect from May 10, 2021 to attend to personal matters.
Tiffany Dunsdon, chief commercial officer, would assume the role of interim CEO for the next three months.