Bidvest CEO Brian Joffe has been appointed nonexecutive chairperson of pharmaceuticals group Adcock Ingram after Bidvest and the Public Investment Corporation (PIC) demanded the resignation of nonexecutive director and chairperson Dr Khotso Mokhele.
Mokhele resigned last week after Adcock received two letters from major shareholders Bidvest and the PIC, requesting his resignation with immediate effect and the appointment of four nominated individuals to the company board.
Joffe earlier this month successfully halted the potential R12.8-billion buy-out of Adcock by Chile-based CFR Pharmaceuticals after Bidvest acquired a further 39-million shares in Adcock at about R70 apiece, increasing the group’s stake to 34.5%.
The PIC, which owned more than 20% of Adcock, and Bidvest had each publicly expressed their opposition to the proposed deal between Adcock and CFR.
Meanwhile, Michael Sacks has been appointed as an independent nonexecutive director and chairperson of the audit committee, while current independent nonexecutive director Clifford Raphiri has been appointed lead independent director.
An extraordinary general meeting would be convened to elect Dr Anna Mokgokong, Roshan Morar and Lindsay Ralphs as directors of the company. In the interim, the trio would be invited to attend the meetings of directors.