Stephen Saad, chief executive officer of Aspen Pharmacare Holdings. Photographer: Waldo Swiegers/Bloomberg
Stephen Saad, chief executive officer of Aspen Pharmacare Holdings. Photographer: Waldo Swiegers/Bloomberg

Executives of SA-based pharmaceutical company Aspen in the million rand bonus money seat

By Philippa Larkin Time of article published Oct 28, 2021

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JSE-listed Aspen, the pharmaceutical company, said yesterday that deferred bonus shares worth millions of rand, awarded in 2018 in respect of the Aspen South African Management Deferred Incentive Scheme, had vested and would be awarded to its top executives.

In the top money seat was the founder and chief executive of Aspen, Stephen Saad, who would get shares valued at just more than R4 million, while Michael Attridge, the co-founder and deputy chief executive, would get R3.3m.

Company secretary Riaan Verster was in line for R830 453, with chief financial officer Sean Capazorio getting R1.9m. Chief operating officer Lorraine Hill was in line for R2.75m, while group corporate services officer Reginald Haman would get R1.57m. Chief strategic development officer Zizipho Mmango gets R 1.69m.

The shares had not yet been delivered due to the company trading under a cautionary announcement, but would be given once there was no applicable prohibited or closed period for trade, it said.

Aspen, which is in the process of refining its product portfolios to ensure that the offering remains relevant to dynamic market conditions, last month indicated that it would reinstate dividends after cutting debt to well below the levels required by its lenders.

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