Solal and Vitaforce owner's CEO Mark Sardi resigns

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Ascendis Health CEO Mark Sardi has resigned after two years and a major recapitalisation deal at the wellness company.  (Image: Supplied)
Ascendis Health CEO Mark Sardi has resigned after two years and a major recapitalisation deal at the wellness company. (Image: Supplied)

Ascendis Health CEO Mark Sardi has resigned after two years and a major recapitalisation deal at the wellness company. 

Sardi replaced former CEO Thomas Thomsen, who was fired just 14 months after his appointment.

On Friday, Ascendis announced that Sardi’s resignation will be effective from 31 December. The CEO hit the ground running after joining the company in 2019, working on Ascendis’ restructure, following a tough period that saw the group’s share price decline by more than 95% and a staggering R7.7 billion mountain of debt. 

The group has since found a solution for its problem and has inked a recapitalisation deal with its lenders Blantrye Capital and L1 Health, pulling it from the brink of business rescue. 

As part of the deal, the company, which also owns brands like Junglevites and Solal, has transferred Remedica, its Cyprus-based pharmaceutical company and its Romania-based Sun Wave Pharma business to the lenders.

The group also finalised the sale of its Respiratory Care Africa business earlier this month. The proceeds of the disposal, as well as that of Ascendis’ animal health business, will also go to the lenders.

Ascendis is walking away with with a two-year €15 million and an additional €20 million for transaction and head office restructuring costs, as well as working capital, from the deal.

Sardi will be available for six months after his resignation to assist his successor.

Under his watch , the group’s earnings grew by 32% per annum, to R1.4 billion, in addition to the debts for assets swap, 

"We’d like to thank Mark for all his efforts and success in turning the group around and fixing the balance sheet. We wish him all the very best in his future endeavours," Ascendis said in its announcement.
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