Dis-Chem’s ongoing leadership transition signals a new phase of maturity for the retailer and could help restore investor confidence if the company sharpens its execution, according to MP9 Asset Management chief investment officer Aheesh Singh.
Singh said the founders’ gradual handover of control, including the resignation of Saul Saltzman as executive director and earlier leadership changes within the Saltzman family, marks a natural evolution for the business.
“The founders built Dis-Chem, but new leadership brings structure. If they keep the culture intact while improving execution, investor confidence will increase,” he said.
On Tuesday, the company announced that Saltzman, the son of Dis-Chem founders Ivan and Lynette Saltzman, has resigned as executive director after 19 years with the company.
Dis-Chem said his resignation would take effect in February next year, after which he would remain on the board as a non-independent, non-executive director continuing to contribute to the group’s strategic direction and governance.
“The board welcomes these changes and expresses its sincere appreciation to Mr Saltzman for his years of dedicated leadership and valuable service as an executive director. The board looks forward to his continued involvement and insight in his new capacity,” said the beauty and pharmaceutical retailer.
According to Singh, Dis-Chem’s growth now depends on its ability to improve supply chain efficiency, lift margins and turn its expanding health ecosystem into a meaningful profit driver.
“Growth now depends on execution,” he said.
“Dis-Chem is shifting from a founder-led retailer to a professionally managed healthcare group. The family remains a large shareholder, while day-to-day leadership now sits with CEO Rui Morais and his team. It’s the kind of transition that can unlock value if managed well.”
Saltzman’s exit marked another phase in the gradual loosening of the family’s operational control of the R28bn retailer. His father stepped down as CEO in June 2023, handing the reins to Morais, though he remains on the board as an executive director. Lynette Saltzman stepped back from the board in 2022 to focus on an operational role in the company’s beauty division.
The shift also follows a major share redistribution within the family earlier this year. In June, brothers Dan and Mark Saltzman inherited R6.8bn worth of shares, reducing family holding company Ivlyn’s stake from 29.31% to 4.06%. Each brother now owns 12.62% of Dis-Chem, maintaining overall family control but signalling a generational transition.
Dis-Chem’s market capitalisation now stands at R28bn, trailing behind its main rival, Clicks, which is valued at R81.7bn.
Update: October 8 2025
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