Cipla Ltd. CEO Resigns to Avoid Hearing
10/8/2012 7:56:19 AM
Just as a disciplinary hearing was set to get under way to probe “serious,” but unspecified allegations that were disclosed two months ago, Cipla Medpro ceo Jerome Smith has resigned, iAfrica reports. And analysts speculation his departure may pave the way for a takeover of one of South Africa’s best-known drugmakers, which sells a variety of prescription and over-the-counter medicines. In a brief statement, Smith described the board as “malicious,” and maintained that he was not going to waste money defending himself at the hearing that was set to begin today, the site reports. He declined to specify the charges or discuss the conflict with the board, saying he was planning legal action. “Legal proceedings (will) be brought by me in due course in which the relevant facts and circumstances may be revealed,” Smith told the site.