Dis-Chem co-founder Ivan Saltzman to step down as CEO after 45 years

Dis-Chem co-founder Ivan Saltzman will step down as CEO at the end of June 2023 after 45 years at the helm.

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Saltzman, now 73, will be succeeded by current CFO Rui Morais, effective 1 July 2023.

Morais, 38, joined the company in 2010 and has been CFO and an executive leadership team member since August 2012.

Julia Pope, 42, the current executive head of finance, will succeed Morais as CFO.

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Saltzman, who co-founded Dis-Chem with his wife Lynette in 1978, will remain an executive director on the Board and continue to serve as an active executive management team member, according to BusinessTech.

DIS-CHEM EMPLOYS OVER 20 000 STAFF

“Saltzman’s role as an executive will include an emphasis on the Group’s commitment to accelerate retail space growth, together with a concentrated focus on the trade of the retail store network,” said Dis-Chem in a trading update.

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“Over the past 45 years, Lynette and I have grown the business from a single store to what is today the largest retail pharmacy chain by market share in South Africa, with a network of over 300 retail stores and over 20,000 staff,” said Saltzman.

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As part of the transition, he will divest roughly R32 million Dis-Chem ordinary shares, 3.75% of Dis-Chem’s issued share capital, owned by his family, to Morais and a group of key senior executives to ensure “their ongoing commitment”.

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