Following on the momentum gained from several strategic initiatives over the past two years to arrest and reverse plunging earnings, pharmaceutical company Adcock Ingram has reshuffled its board.
With the embattled group preparing for its “next phase of growth”, current lead independent director Clifford Raphiri would step in as chairperson, replacing Brian Joffe, who would assume the role of deputy chairperson to assist the executive team with its strategic growth initiatives.
“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,” explained Joffe.
Deputy CEO Andy Hall would take over as CEO, succeeding Kevin Wakeford, who was rejoining the Bidvest Industrial management team, with the three-month handover already under way.
Hall was now tasked with driving Adcock’s continued growth and development following the successful restructure and return to profitability under Wakeford's reign, Joffe said.
Meanwhile, Adcock group financial executive Dorette Neethling would assume the role of acting CFO while a formal process to fill the position was undertaken.
Further, Lindsay Ralphs resigned as nonexecutive director and was succeeded by David Cleasby.