End of an era for billionaire Dis-Chem founder

Dis-Chem co-founder Ivan Saltzman has resigned from his position as a non-executive director of the company, effective immediately.

The company announced this resignation in the Stock Exchange News Service (SENS) after market close on Friday, 24 July 2026.

“Following careful consideration, Ivan believes that the timing is appropriate to facilitate the board succession,” Dis-Chem said.

This, the South African retail pharmacy chain said, will allow the company to continue building on its strong foundations.

This is the final step in a phased succession process that commenced with the appointment of Rui Morais as CEO in July 2023.

Dis-Chem explained that this transition was designed to balance entrepreneurial leadership and continuity with professional management.

“The board of directors and management express their profound gratitude to Saltzman for his exceptional leadership,” it said.

They said he showed unwavering commitment and made an invaluable contribution since founding the Company in 1978.

The company said that Saltzman is one of South Africa’s foremost retail entrepreneurs and has been the driving force behind the Dis-Chem journey from the first day.

He transformed a single pharmacy into South Africa’s leading retail pharmacy group, with hundreds of stores across the country.

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

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

Larry Nestadt, chairman of the board, said that Saltzman’s legacy as the architect of Dis-Chem will always be imprinted on the company’s strategy.

Saltzman said that Dis-Chem has been central to his life for 48 years, and he concludes this chapter with confidence in the company’s future.

“Dis-Chem’s succession planning always considered my retirement, and I have confidence in both the leadership and strategic direction,” he 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.”

Dis-Chem’s history under Saltzman

Saltzman, born in 1950 and raised in Port Elizabeth, co-founded Dis-Chem with his wife, Lynette Saltzman, in 1978.

At the time, he worked as a locum at a small business in Mondeor, south of Johannesburg, and was frustrated by the way things were done.

He offered to buy the store from the owner, and in 1978, Ivan and Lynette established a small pharmacy with a capital investment of R10,000.

They expanded their product range beyond pharmaceuticals, which proved to be a successful strategy.

The store started making a profit almost immediately, and by 1984, they opened their second store in Randridge Mall.

They expanded aggressively in the nineties, relying on the tried-and-tested formula of discounted medicine and non-pharmaceutical offerings.

By 2016, the company opened its 100th store, and the business was generating a revenue of R15.5 billion.

On 18 November 2016, Dis-Chem was listed on the Johannesburg Stock Exchange (JSE), with 101 stores in South Africa and two partner stores in Namibia.

The company continued its new-store rollouts and expanded into adjacent sectors, including the acquisition of Baby City and the launch of e-commerce services.

Today, Dis-Chem generates R42.8 billion in annual revenue, R1.04 billion in income and R1.8 billion in cash flow.

Saltzman retired from his executive role on 30 June 2026, ending his operational involvement in the company, which he founded 48 years ago.

He was appointed as a non-independent non-executive director on the Dis-Chem board on 1 July 2026. However, the latest announcement means he will not take up this role.