Dis-Chem’s billionaire founder resigns

Dis-Chem founder Ivan Saltzman has resigned from the company’s board to facilitate the company’s transition to a new era of management. 

The company said in a statement late on Friday, 24 July, that this is the final step in a phased succession process that began with Rui Morais’s appointment as CEO in 2023. 

This process is designed to balance Dis-Chem’s entrepreneurial leadership and continuity with professional management for the future. 

Saltzman and his wife, Lynette, founded Dis-Chem with R10,000. They opened the first pharmacy in the south of Johannesburg in 1978. 

The Saltzmans quickly disrupted the pharmacy sector by combining retail, which was Ivan’s longtime passion. 

At the time, South African law strictly fixed the price of medication. When their pharmacy first opened, the Saltzmans matched these prices and offered the same level of service. 

However, to give themselves a competitive advantage, they began selling non-pharmaceutical products, becoming more of a traditional corner shop with a pharmacy. 

This was the first iteration of the pharmacy model that dominates South Africa today, which the Saltzmans termed a “discount pharmacy”. Since that day, it has never been just about medicine.

The following four decades would see the Saltzmans grow the business into a R25 billion giant listed on the JSE with 316 pharmacies across South Africa. 

Saltzman is resigning a month after Bloomberg revealed that the family had earned dollar billionaire status, with a net worth of $1.3 billion. 

After running the company for 45 years, the Saltzmans have begun focusing on succession and handing the company over to professional managers. 

Saltzman resigned as CEO in 2023 and was replaced by Morais, the first person to run the company not from the founding family. 

This has kicked off a succession process, with the Saltzmans gradually stepping down from their roles at the company and on its board. 

Ivan stepped into the chairman’s role until the end of June 2026, when he retired and became a non-executive director. 

The company announced on 20 July that Ivan’s son, Saul, has resigned from Dis-Chem’s board and will be leaving the company. 

The patriarch has now resigned from the board, with effect from 23 July 2026. 

“Following careful consideration, Ivan believes that the timing is appropriate to facilitate the Board succession, while allowing the Company to continue building on its strong foundations,” Dis-Chem said. 

“The board of directors and management express their profound gratitude to Saltzman for his exceptional leadership, unwavering commitment and invaluable contribution throughout nearly five decades.” 

Chairman Larry Nestadt said it is impossible to measure Saltzman’s contribution to Dis-Chem and praised him as one of South Africa’s greatest entrepreneurs. 

“Ivan’s dedication, foresight and integrity have shaped the long-term strategy that defines Dis-Chem today,” Nestadt said.

“He is one of the retail giants of his generation and ranks among the visionaries who have influenced South Africa’s retail sector.”

Saltzman said the company had always planned for his retirement and assured investors that he had complete confidence in the pharmacy giant’s leadership. 

“Dis-Chem has been central to my life for 48 years, and I conclude this chapter with confidence in Dis-Chem’s future,” Saltzman said. 

“I will always look back with pride in how the business grew and evolved into a meaningful healthcare provider to millions of South Africans.”