Sigma Pharmaceuticals? chairman John Stocker (director of Telstra, Nufarm and CSIRO) announced his retirement from the board yesterday, which has further dwarfed the debt-ridden drug maker as it faces the tough task of offloading $100 million worth of assets to avoid another breach of its debt covenants. Furthermore, it will be hit by the federal government?s plan to cut $2.5 billion from the cost of generic drugs over five years; and will be affected by the government?s $1.9 billion agreement with Medicines Australia.
Mr Stocker?s successor is Sigma director and ex-KPMG partner Brian Jamieson, who is on the board of Tatts Group and Oz Minerals. Sigma is also short of a chief executive; Richard Treagus (chief executive at Acrux) is said to be in the running for the job, while PaperlinX chief financial officer has been named as a possible candidate for the role.
ACR Price at posting:
$1.92 Sentiment: Buy Disclosure: Held
