Swisse Wellness boss Sali to step down as Biostime takes full ownership

By Gary Scattergood contact

- Last updated on GMT

Swisse Wellness boss Sali to step down as Biostime takes full ownership
Swisse Wellness chief executive Radek Sali will step down on December 31 as Hong Kong-listed Biostime International takes full ownership of the Australian firm.

Sali and other minority shareholders have sold their stake to Biostime and he steps down after almost 12 years with the company.

Biostime chief executive and chairman Luo Fei said: "Under Radek's dedicated leadership, Swisse Wellness has achieved significant year-on-year revenue growth and has been lauded as one of the fastest growing in the category globally over the last 10 years.”

Sali said: "I look forward to watching the business continue to grow from the sidelines."

Swisse's managing director Adem Karafili has is also stepping down and will be replaced by Oliver Horn.

Biostime bought Swisse in a A$1.67bn (US$1.1bn) deal last year after a bidding war with other Chinese companies.

Best known for its infant formula products, Biostime saw sales slide by 14% in the first half of 2016 to RMB1.46bn (US$220m), with the Biostime brand – which accounts for 86% of the company’s sales – down 5.4% and the value brand Adimil down 65.7%.

Related topics: Manufacturers, Financial plays

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