Ascendis Health has fired chief executive Thomas Thomsen and appointed chairperson Andrew Marshall as acting chief executive, following a string of poor results. File Photo: IOL

JOHANNESBURG – Ascendis Health has fired chief executive Thomas Thomsen and appointed chairperson Andrew Marshall as acting chief executive, following a string of poor results. 

The straw that broke the camel’s back was possibly Monday’s share price drop by more than 4 percent after reporting a 3 percent increase in revenue to R4 billion for the six months to December 2018. 

Ascendis  is considering an offer for its Remedica unit and is planning to sell other key businesses as it battles to service debt and ensure survival. In a terse SENS announcement yesterday, Ascendis said that “the board would like to thank Thomas for his contribution to the company and wishes him well in his future endeavours.” 

In December the group concluded a sale agreement of its pharmaceutical manufacturing facility in Isando, Gauteng, to international pharmaceutical company Mylan for R130 million. The group’s sports nutrition division, the direct selling and marketing business is also being disposed off, reportedly for R54m. 

BUSINESS REPORT