The sudden resignation of Rebosis Property Fund’s CEO, Andile Mazwai, leaves founder Sisa Ngebulana in a quandary. Ngebulana, who has said he has achieved everything he wanted in the listed real estate space, did not expect the successor he personally chose to last only a few months. The next person he chooses to lead Rebosis, the first black-owned and -managed property fund on the JSE, needs to fit into the role from the get-go and provide investors with a coherent, attainable growth path. Rebosis announced in mid-April that Mazwai would leave, for personal reasons, and Ngebulana would return until a full-time replacement had been found. Ngebulana was Rebosis CEO from 2011 until October. He built the Billion development group, and listed Rebosis in 2010. At 52, Ngebulana said he had had his fair share of working in a listed company, with the inherent problems of constantly having to appease investors. "I have created a multibillion-rand development group in Billion and listed the f...

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