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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