JOHANNESBURG - Health and wellness business Ascendis Health on Monday announced the appointment of Mark Sardi as chief executive officer and an executive director with effect from October 14.

Sardi, aged 50, will join the healthcare group from House of Busby where he has been CEO since 2014.

“Mark has held senior leadership positions in investment banking, the pharmaceutical industry and the retail sector and has a strong track record in strategic, operational and financial management in large listed and unlisted companies," Ascendis Health chairman Andrew Marshall said.

"He has demonstrated his leadership ability in turning around complex organisations and is experienced in operating in international, multi-cultural business environments like Ascendis Health."

Marshall has filled the dual roles of chairman and acting CEO since the departure of former chief executive Thomas Thomsen in May.

Marshall said Sardi was well equipped to lead Ascendis Health in turning around under-performing businesses, disposing of non-core assets, reducing  gearing and improving cash management while capitalising on the strong brand portfolio to generate organic sales growth.

Sardi, a chartered accountant, spent his early career in corporate finance and investment banking in London and Johannesburg and served as managing director and joint head of investment banking at Nedbank Capital for five years.

He joined Truworths International as chief financial officer in 2010 and three years later was appointed as deputy CEO of generic pharmaceutical business Cipla South Africa.

In 2014 he was appointed as group CEO of House of Busby, the master franchisor for leading international brands.

- African News Agency (ANA)