Ann Crotty Writer-at-large

The recent drop in the Netcare share price following the release of weak interim results has forced CEO Richard Friedland to sell R200m worth of his shares to cover finance and other costs relating to share purchases over several years. The sale of 10.4-million shares, earlier this week, at just under R19 each, appears to represent almost all of the Netcare shares held by Friedland. The group’s September 2018 annual report reveals that in addition to the 10.4-million shares, Friedland held 1.4-million forfeitable shares. In a statement released to the market late on Wednesday the hospital group said Friedland remains “absolutely committed to Netcare”, adding that he “has confirmed his intention to remain in office as CEO to oversee the implementation of the [Netcare’s] revised strategy until at least 2022”. Friedland has been with the group for 22 years and was appointed CEO in May 1997. In the middle of May the group reported pedestrian results for the six months to end-March and ...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.