Patel to assume role of City Pharmacy managing director

MAHESH Patel will step down as chairman of the City Pharmacy Ltd (CPL) group and assume the role of managing director, according to a market release yesterday.
According to a statement, CPL had advised that Patel would return to the country on a full-time basis to assume the role, after a successful raising of capital where K48 million of fresh capital had been injected into the company by existing and new shareholders.
Current managing director Joe Barberis will retire as a director of the company. “We wish to thank Joe for his leadership over the past year and in particular guiding CPL through what had been a difficult period for the company,” company secretary Raman Kumar said.
Non-executive director John Dunlop will be appointed chairman pending a permanent appointment later this year.