Andile Mazwai quits as Rebosis CEO, and share price plunges
Rebosis says Mazwai is leaving for personal reasons and that deputy executive chair Sisa Ngebulana will double as CEO until a permanent appointment is made
The share price of property group Rebosis fell 9% to R7.40 on Wednesday after announcing CEO Andile Mazwai had resigned with immediate effect after seven months in the job.
Rebosis said Mazwai, a former stockbroker, was leaving for personal reasons.
Rebosis deputy executive chairperson Sisa Ngebulana will double as CEO until a permanent appointment is made. Ngebulana founded Rebosis and was its CEO until October 2017.
The group said it was postponing the release of its interim results, which were scheduled for April 23, to May 8.
The statement said this was "to allow Mr Ngebulana time to acquaint and update himself with the latest operational matters and financial aspects of the company for the six months ended February 28."
"We respect Mr Mazwai’s decision, accept his resignation and wish him well in his future endeavours," Rebosis chairperson Anna Mokgokong said in Wednesday’s statement.
"We are pleased Mr Ngebulana accepted this transitional responsibility as he comes with a wealth of experience that the company was founded and built on, and are confident that he will, together with the executive team, continue to deliver on our strategy."
The announcement was made on the day Rebosis held its annual general meeting.
Some analysts have said Rebosis' strategy has been unclear under Mazwai.
Stanlib portfolio manager Ahmed Motara said last year Rebosis appeared to have changed its strategy under Mazwai, who took over on October 1.
"There seems to be seismic shift in strategy. Rebosis was turned into a retail-focused fund under Ngebulana. But now, Mazwai wants to continue to hold offices and is holding a lower proportion of assets offshore. We need to see how this different strategy rolls out," he said commenting on Rebosis' financial results for the 2017 financial year.