Stafford Masie, the interim CEO of Africa Bitcoin Corporation (ABC), resigned on Monday along with three non-executive directors. They left after shareholders demanded their removal from the board, MyBroadband reported.
The demand came from WGW Capital, the investment firm of former ABC CEO and cofounder Warren Wheatley. WGW and other shareholders holding about 71.8% of the company’s shares sent the demand to the board.
“After receiving the Supplementary Demand, the Relevant Individuals concluded that these differences could not be resolved, and they accordingly resigned,” ABC said.
Masie is the former head of Google South Africa. ABC told shareholders in a notice that he had resigned as executive director of the board and as interim CEO. He also left the social and ethics committee.
He also resigned as officer and director of Bitcoin strategy. The company said his last day as acting CEO will be 28 February 2027.
Until then, Masie will stay on to oversee the change in leadership. “Masie has confirmed his willingness to continue fulfilling his executive responsibilities, including supporting the company’s management team,” the company said.
“He will also continue maintaining operational continuity and facilitating an orderly transition to permanent executive leadership,” ABC added.
The three independent non-executive directors who resigned are Norma Sephuma, Snowy Masakale and GG Alcock. All three are well known South African business figures.
Sephuma and Masakale also resigned as directors of Altvest Credit Opportunities Fund Limited. Sephuma had been the chairperson of that fund.
Masakale is the executive head of strategy at Sanlam Private Wealth. Alcock is an expert in township economics.
“The company wishes to express its sincere appreciation to the relevant individuals for their service, leadership and commitment, particularly during the recent exceptionally challenging period,” ABC said.
ABC said the resignations came from big differences between the board and WGW Capital, which is a major shareholder. Wheatley is the director and principal executive of WGW Capital.
The investment firm is the vehicle through which Wheatley holds his stake in ABC. He resigned from the company on 22 September 2026 after he was debarred for alleged share price manipulation.
The shareholders also asked for two new directors to be added to the board. ABC said this proposal was not affected by the resignations.
The demand to remove Masie, Sephuma, Masakale and Alcock is no longer needed, because they resigned on their own.
Robin Coode and Jonathan Phillips remain directors of the company. Phillips also stays on as ABC’s Financial Director.
“The remaining directors, in consultation with the company’s advisors, are addressing the steps necessary to restore the appropriate board and committee composition,” ABC said.
The company said its executive management team remains in place. It will keep running the group’s daily operations within its existing lawful delegated authority.
Source: this article is based on reporting by MyBroadband. Image: MyBroadband. Written with the help of AI and published by the Tzaneen Voice Business desk. See our Editorial Standards.
Anelisa Nkuna covers business and money news for Tzaneen Voice. Anelisa reports on the rand, fuel prices, interest rates, jobs, Eskom, Transnet, farming and company results. The aim is simple: explain what the numbers mean for household budgets, small businesses and workers in South Africa.