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Cipla Medpro suspends CEO

Johannesburg – The board of Cipla Medpro SA Limited [JSE:CMP] announced on Wednesday it had suspended CEO Jerome Smith pending the outcome of an investigation into “serious allegations” against him.

“Shareholders can rest assured the board did not take this step lightly and without very long‚ careful and considered thought‚” the company said.

The board has appointed Johan du Preez as acting CEO for the duration of the suspension.

Du Preez currently serves on the board as an independent non-executive director.

Cipla’s share price ended down by 1.19% to R8.28 on Wednesday‚ but the announcement took place after the market closed. The board meeting was held on Tuesday.

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