“I’d like to thank Richard Vincent for his immense contribution to API over the past 17 years, as well as his leadership to the broader pharmacy industry to date,” Ms Amos told The Australian Financial Review.
Long-serving API CEO Richard Vincent has stepped down, and will remain an adviser to Wesfarmers. Supplied
“I’m delighted that Richard will continue in a business advisory role with API and that the Wesfarmers health division can continue to benefit from his experience and knowledge.”
Mr Vincent joined API in 2005, working across and leading a number of areas including pharmacy business development, IT, supply chain and consumer brands. He was named CEO in 2017.
He has steered the business through a time of accelerated change in the pharmacy sector and through the impacts of COVID-19.
When he took over as CEO shares in the once listed API were trading at nearly $2 each in February 2017, according to DatAnalysis. Just before Wesfarmers bid was revealed in early November, API was trading around $1.54.
At Wesfarmers strategy day in June, Ms Amos told investors that API had been underinvested in, and Wesfarmers would seek to strengthen the competitiveness of pharmacists by focusing on product innovation, beefing up the online offer, and leveraging its Sister Club loyalty program at Priceline.
On the same day, Wesfarmers boss Rob Scott told the Financial Review any health acquisitions would be viewed with a consumer lens, and calling out innovation in beauty and skincare products and said the digital health area could be of interest.
Wesfarmers has about $6 billion in debt capacity, and could build its asset base in this area across community health, beauty centres and fitness, according to MST Marquee analyst Craig Woolford.
