Glenn Fullerton, MB Technologies

CEO Glenn Fullerton is leaving MB Technologies due to a “horrible” cycling accident that happened during an organised event in February.

Fullerton says Pieter Rorich, a non-executive director who represents majority shareholder Royal Bafokeng Holdings, will take over as interim CEO for three months, while the company seeks a permanent head.

Although Fullerton has spent the past three to four months recovering at home, the time off has not been sufficient, he says. His resignation is with effect as of the end of October, but he will assist the company until the end of January.

Fullerton has been with the company for 14 years, four as CEO and 10 as financial director.

He says he had a “great” time at the company, which grew during his time, but his focus must now be on his health and he will rest for at least six months before deciding on a way forward.

This is the second time an accident has affected the company’s top management. Co-founder and former CEO Leo Baxter suffered a severe spinal cord injury in May 2007 during a polo match.

Baxter sold his 45% stake in MB Technologies to Investec in mid-2010, but the company indicated at the time that he would remain on its board.

Baxter started Tarsus Technologies at the age of 25 and, with long-time friend and business partner Mike McGrath, went on to establish MB Technologies, which currently owns the Tarsus brand.