Pharmacy Daily | API ceo Roche to step down

AUSTRALIAN Pharmaceutical Industries this morning announced the resignation of its ceo and managing director Stephen Roche (pictured), who will step down in February after ten years in the role.

The company said it's implementing a transition plan which will see internal appointee Richard Vincent take over.

Vincent is currently API's general manager of Business Development, Operations and Strategy.

Effective immediately there will be a "structured transition phase," with Vincent as ceo-elect working with Roche until his departure in mid-February 2017.

Vincent has been with API since 2005 and is currently responsible for API's pharmacy operations, IT and the consumer manufacturing business in New Zealand.

API chairman Peter Robinson paid tribute to Roche, who he said had delivered on a range of initiatives including strong growth in the Priceline Pharmacy network and restructuring of the company's wholesaling operations.

"The Priceline Pharmacy brand has completely transformed its customer offering...our like for like sales growth has been consistently strong for the last five years and we are the market leader in colour cosmetics and skincare, the two largest beauty categories.

"Stephen has also successfully managed a major re-engineering of our wholesaling business in the face of major regulatory and structural changes to the sector...on behalf of the Board, our shareholders and employees, I extend to Stephen our sincere appreciation of his leadership and success during a major period of transition," Robinson said.

Roche said the time was right for leadership change within the organisation, and confirmed he would remain on the board of the Priceline Sisterhood foundation.

API also updated the guidance provided in July, confirming that underlying net profit after tax for the 2016 financial year would be at least $51 million.

The company also revealed that the Priceline Pharmacy network had reached 442 stores at the end of August.