Wakeford, who previously led various companies within the Bidvest group and also served as chief executive officer (CEO) of Bidvest Travel and Aviation, was appointed following the resignations of former Adcock CEO, Jonathan Louw and former chairman, Khotso Mokhele.
(READ MORE: Adcock Ingram’s CEO, Jonathan Louw, resigns)
“The board decided that strong business skills are what is required to lead Adcock Ingram’s recovery and growth into the future. Wakeford’s broad experience in a number of fields and his entrepreneurial spirit, stand him in good stead to lead the company,” said [DATA AIP:Adcock Ingram Holdings Limited] chairman, Brian Joffe.
“The Adcock Ingram board has the greatest confidence in Wakeford’s abilities. Wakeford will be ably supported by Andy Hall, who will be continuing as deputy CEO and financial director.”
Bidvest recently raised its holding in Adcock Ingram to 32.03 per cent, purchasing around 39 million of the pharmaceutical company’s shares.
(READ MORE: S.Africa’s Bidvest confirms 32% stake in Adcock)
It also sent identical letters to the pharmaceutical company, along with the Public Investment Corporation (PIC) – another major stakeholder in Adcock, in February stating that new directors be appointed, the likes of Joffe, Lindsay Peter Ralphs, Anna Mokgokong and Roshan Morar.
“The meeting would be called for the purposes of considering and approving resolutions to remove Khotso Mokhele as a director of the company and accordingly chairman of the Adcock Ingram board and elect each of the nominated individuals as directors of Adcock Ingram,” the PIC and Bidvest had said.
(READ MORE: Bidvest & PIC bully Adcock’s board)
“The Adcock Ingram board wishes to advise shareholders that it intends to convene the requested shareholders’ meeting. [We] thank Mokhele for his significant contribution to the company over the past seven years and specifically for his leadership of the board during a highly challenging period for the company,” Adcock said in response.