Netcare slide prompts CEO to offload most of his shares
Richard Friedland is the latest high profile corporate executive forced to sell shares to cover debt-funded share acquisitions
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 ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.