Wrap Text
Changes to and reorganisation of the board of directors
Adcock Ingram Holdings Limited
(Registration number 2007/016236/06)
(Incorporated in the Republic of South Africa)
Share code: AIP
ISIN: ZAE000123436
(“Adcock Ingram” or “the Company”)
CHANGES TO AND REORGANISATION OF THE BOARD OF DIRECTORS
In accordance with paragraph 3.59 of the Listings Requirements of the JSE Limited,
shareholders are advised of the following Board changes at Adcock Ingram, effective
immediately:
- Mr Clifford Raphiri, the Company’s current lead independent director, has been
appointed Non-Executive Chairman, with Mr Brian Joffe assuming the role of Deputy
Chairman;
- Mr Kevin Wakeford has resigned as Chief Executive Officer, and the Company’s
Deputy Chief Executive Officer and Chief Financial Officer, Mr Andrew Hall, has been
appointed Chief Executive Officer. Mr Wakeford will remain with the Company for a
three-month phase out period;
- Current Group Financial Executive, Ms Dorette Neethling, has been appointed Acting
Chief Financial Officer. A formal process is underway to identify suitable candidates,
with a view to making a permanent appointment to the position; and
- Mr Lindsay Ralphs has resigned as a Non-executive Director and has been replaced by
Mr David Cleasby.
Changes will be made to the various Board committees and shareholders will be informed of
these changes in due course.
Shareholders are referred to the media release below, for further information.
“MEDIA RELEASE
ADCOCK INGRAM POSITIONS LEADERSHIP STRUCTURE TO PURSUE GROWTH
Midrand, 11 November 2015: Adcock Ingram has announced changes to and the
reorganisation of its Board to ensure the successful, long-term continuity of the strategic
changes that have been implemented within the company over the last two years.
The operating structure has already been aligned with the new strategic direction of the
company, the major brands are showing good growth and the focus on customers, products
and service has shown pleasing results. The company is now well positioned for its next
phase of growth.
To ensure an enhanced focus on this next phase of the company’s development, and
effective immediately, Clifford Raphiri, the current lead independent director, will take over
from Brian Joffe as Chairman. Brian is assuming the role of Deputy Chairman allowing him to
assist the executive team with its strategic growth initiatives.
Kevin Wakeford has resigned as Chief Executive Officer and has been replaced by the
current Deputy Chief Executive Officer, Andy Hall. Kevin will re-join Bidvest Industrial
Holdings in a senior management role after a phase out period of three months.
Incoming Chairman, Clifford Raphiri commented: “I am very pleased to have been appointed
Chairman of Adcock Ingram and I look forward to building on what we have achieved over
recent years. The handover between Kevin and Andy is underway, and with Andy’s long
tenure of experience at Adcock Ingram, the transition will be seamless and without
disruption.”
Adcock Ingram outgoing Chairman, Brian Joffe, added: “As a Board we express our
appreciation to Kevin for his significant contribution to the company in a relatively short space
of time. He has successfully re-structured the company and restored profitability. Kevin has
achieved all the strategic imperatives that were set out for him by the Board at the time of his
appointment. I am delighted that Andy has accepted the position of CEO. Apart from
spending eight years at Adcock Ingram, he is a qualified pharmacist and chartered
accountant, with some 25 years of experience in the healthcare sector covering the retail,
operational, financial and managerial disciplines. Andy will drive the next phase of growth and
development for Adcock Ingram, and I look forward to assisting him with these initiatives.”
Current Group Financial Executive, Ms Dorette Neethling, has been appointed Acting Chief
Financial Officer. A formal process is underway to identify suitable candidates, with a view to
making a permanent appointment to the position.
Following the structural changes recently announced by the Bidvest Group, Lindsay Ralphs
has resigned as a Non-executive Director of Adcock Ingram and has been replaced by David
Cleasby.
Changes will be made to the various Board committees and shareholders will be informed of
these changes in due course.”
Midrand
11 November 2015
Sponsor: RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 11/11/2015 04:59:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
