Dis-Chem, a South African pharmacy retail group, announced on Monday that its Founder and long-time CEO Ivan Saltzman will step down from his role at the end of June 2023.
Dis-Chem CFO Rui Morais, who was named CEO-designate in August 2021, will assume the top job in July.
Saltzman and his wife, Lynette, co-founded Dis-Chem in 1978 and have played a critical role in its growth and expansion over the past 45 years. Dis-Chem was listed on the Johannesburg Stock Exchange in 2016.
Under the Saltzmans, who presently own a beneficial 45.2-percent stake in the Gauteng-based healthcare group, Dis-Chem has become one of the largest retail pharmacy chains in South Africa by market share, with over 300 retail stores and more than 20,000 staff.
In a recent update, Dis-Chem reported an 8.7-percent increase in revenue, excluding vaccines and COVID-19-related lines, between Sept. 1, 2022, and Feb. 5, 2023, due to the normalization of shopping patterns.
According to a Sens update released on Monday, Saltzman will remain an executive director on the board. In addition, he will continue to serve as an active executive management team member.
His role will include an emphasis on the group’s commitment to accelerate retail space growth and a concentrated focus on the trade of the retail store network.
Morais, Dis-Chem’s 38-year-old CFO, will assume the role of CEO effective from July 1, 2023.
Morais joined the group in 2010 and has been in the role of CFO and executive leadership team member since August 2012. She has been integrally involved in developing the group’s strategy over the past 11 years.
