Cipla Medpro Suspends CEO for "Serious" Charges
8/16/2012 7:07:37 AM
In the latest bit of drama to emerge from a pharma boardroom, one of South Africa’s best-known drugmakers released a cryptic statement today that ceo Jerome Smith has been suspended due to “serious,” but undisclosed allegations. The decision by Cipla Medpro, which sells a variety of prescription and over-the-counter medicines, was made at a board meeting held yesterday, but not announced until today, according to the statement. Shareholders can rest assured the board did not take this step lightly and without very long, careful and considered thought. Pursuant to this decision, Mr. Smith has been suspended with effect from 15 August 2012 pending the outcome of the investigation,” the statement says. Meanwhile, Johan du Preez, who is an independent, non-executive director, will serve as acting ceo for the duration of the suspension.