In the media
Adcock reshuffles its board after Bidvest triumphs14 April 2014
PHARMACEUTICAL firm Adcock Ingram has emerged from a bitter takeover fight, won by Bidvest Group, with a reshuffled board.
Adcock Ingram announced the latest changes to its board on Friday with three new members taking up their positions.
The new members of the board introduced are Anna Mokgokong, Roshan Morar and Lindsay Ralphs.
They join the Adcock Ingram board after Brian Joffe, the CEO of Bidvest, was installed as chairperson - replacing Khotso Mokhele who resigned earlier this year. Joffe entered the Adcock Ingram board together with Motty Sacks who was appointed non-executive director.
Joffe's installation was followed by the resignation of Adcock's CEO Jonathan Louw two weeks ago. Louw's replacement, Kevin Wakeford, was announced a day later.
This comes after Bidvest won the battle against Chilean firm CFR Pharmarceuticals for control of Adcock. CFR launched a bid to take over Adcock in 2013 and after the Adcock board had rejected an initial proposal by Bidvest.
The investment group Bidvest mounted a successful comeback, which was indirectly backed by the Public Investment Corporation.
Louw and Mokhele had to go as they backed the CFR deal and actively opposed the Bidvest move. Bidvest now controls about 34% of Adcock shares. Adcock was viewed as a sitting duck due to a poor return on investment rate. This is after the company invested into jacking up its manufacturing infrastructure.
Friday's announcement said, following the latest three appointments to the Adcock Ingram board, that all vacancies have now been filled. Morar, Ralphs and Sacks have been appointed as members of the human resources, remuneration and nominations committee.
Mokgokong and Wakeford have been appointed as members of the social, ethics & transformation committee. Morar has been appointed as a member of the Audit Committee and Sacks as a member of the risk and sustainability committee.