Adcock Ingram's CEO Resigns In Response To Bidvest Demand


News: South African pharmaceutical company Adcock Ingram's CEO Jonathan Louw has resigned, a move that was widely anticipated after the company's largest shareholder, domestic firm Bidvest, indicated that it wanted a change in Adcock's leadership. Louw is the third Adcock director to have been fired, voted out or resigned since Bidvest bought a 34.5% stake in Adcock to thwart Chilean drugmaker CFR Pharmaceuticals' US$1.21bn acquisition offer. According to Jean Pierre Verster, an analyst of 360ne Asset Management, Louw had not performed badly, given that he inherited a company with old factories and poor distribution networks.

This article is tagged to:
Sector: Pharmaceuticals & Healthcare
Geography: South Africa