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South African pharma tycoon Ivan Saltzman has announced plans to sell 32.25 million ordinary shares of Dischem Pharmacies, valued at R795.6 million ($41.67 million), to a group of key senior executives within the company.
The move will grant the executives a significant stake of 3.75 percent in the group’s share capital, positioning them as leading shareholders.
The sale of these shares aims to secure the ongoing commitment of these key executives to Dis-Chem‘s long-term strategic priorities. It also serves as part of the company’s broader efforts to deliver on its strategic objectives.
By aligning the interests of these senior executives with those of the company and its shareholders, Dis-Chem anticipates driving sustained growth and success.
Dis-Chem has already established itself as a household name within South Africa’s healthcare industry and seeks to further solidify its position.
This recent development follows Dis-Chem’s announcement on Monday that its founder and long-time CEO, Saltzman, will be stepping down from his role at the end of June 2023.
Saltzman, along with his wife Lynette, co-founded Dis-Chem in 1978 and has played an instrumental role in its remarkable growth and expansion over the past 45 years. In 2016, Dis-Chem was listed on the Johannesburg Stock Exchange.
Dis-Chem CFO Rui Morais, who was named CEO-designate in August 2021, will assume the top job in July.
Under the Saltzmans’ guidance, Dis-Chem has become one of South Africa’s largest retail pharmacy chains, boasting a significant market share.
With more than 300 retail stores and a workforce exceeding 20,000 employees, the Gauteng-based healthcare group has firmly established its presence in the industry.
As Dis-Chem undergoes this transition and reshapes its leadership, the sale of shares to key executives ensures a smooth handover of responsibilities while maintaining a shared vision for the future.
With a clear focus on long-term success, Dis-Chem is poised to continue its positive trajectory within the healthcare industry.
