Sigma (ASX:SIG) share price unmoved by new CEO appointment

The company has completed its search…

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A senior pharmacist talks to a customer at the counter in a shop

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The Sigma Healthcare Ltd (ASX: SIG) share price is flat on Friday morning and trading at 60 cents a pop.

This comes after the pharmacy chain operator and distributor announced a leadership reshuffle for the top job.

Sigma appoints new CEO

In today’s statement, Sigma advised that its board has appointed Vikesh Ramsunder as the new managing director and CEO.

Ramsunder brings a wealth of experience to the role, having been involved with wholesaling, logistics, pharmacy and retail sectors. He is currently serving as group CEO of Clicks Group Ltd (JSE: CLS), a position he has held since January 2019.

Clicks Group, based in South Africa, is one of the largest wholesale, pharmacy and retail operations in the African healthcare market. The company boasts over 840 stores through market-leading retail brands such as GNC, The Body Shop and Claire’s. The group also has more than 600 in-store pharmacies across southern Africa.

Prior to becoming group CEO, Ramsunder held several other roles within the Clicks Group, including chief operating officer from 2015. In addition, he also took over as managing director of United Pharmaceutical Distributors (UPD), the Click Group’s pharmaceutical wholesaler business.

His appointment follows an extensive search that resulted in a strong list of candidates, both internal and external.

Ramsunder is expected to commence with Sigma in February 2022 following the completion of his notice period.

Outgoing Sigma CEO and managing director, Mark Hooper will remain in the role until 31 January 2022.

Sigma chair, Ray Gunston commented:

The last four years have been committed to a sustained period of critical investments to rebuild our infrastructure in our core wholesale and retail business and set the business up for the future.

We now emerge from that phase poised to accelerate our growth. Vikesh brings the mix of skills and experience that will be valuable in leading Sigma to fast-track that growth agenda both organically and through acquisitions.

About the Sigma share price

Over the past 12 months, Sigma shares have traversed mostly sideways, with a few hiccups along the way. The Sigma share price is up by just 5.26% over the period. It is down 3.23% year to date.

Based on today’s share price, Sigma has a market capitalisation of roughly $635 million. There are more than 1 billion shares outstanding.

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