Brian Joffe welcomes new Adcock boss, promises a turnaround in 18 months

Adcock has been in for a crazy ride over the last few months, with a bidding war that pitted Bidvest against Chilean drugmaker CFR, the bitter resignation of CEO Jonathan Louw, the ascent of Brian Joffe as chairman of the Adcock board, and a great deal of publicity. However, things seem to be settling down at last. A new CEO has been appointed in the form of Bidvest veteran Kevin Wakeford, and Joffe has assured investors that big things are afoot. Amidst rumours of possible collaboration with rejected suitor CFR, Joffe says that within about 18 months, shareholders can expect to see some great things from Adcock.

I hope it's true that CFR and Adcock will be working together in the future. The mooted CFR acquisition of Adcock offered some interesting synergies and an opportunity for growth, and although that didn't pan out, one hopes that both companies can see their way to some kind of future relationship that would surely benefit both. – FD

ALEC HOGG:  Earlier, Adcock held an extraordinary general meeting where shareholders voted in new directors to the pharmaceuticals' board.  Bidvest Chief Executive Brian Joffe was there in his capacity as Chairman.  He spoke to CNBC Africa about the appointment of Kevin Wakeford as the embattled drug maker's new Chief Executive.

BRIAN JOFFE:  Well, I know Mr Wakeford well.  The nominations people at Adcock obviously interviewed him..  We have the highest regard for his ability.  I don't think medical experience is critical at this point in time in relation to Adcock Ingram.  It has, within its own organisation, extremely competent medical people and regulatory people.  I think what's needed is certain business skills in order to make and grow the business, so I think I can speak for the entire board when I saw they have absolute confidence in Mr Wakeford's ability.  Of course, as with all things, time will tell and shareholders obviously need to wait for that.

INTERVIEWER:  There have been some reports in the media about Adcock possibly working with CFR.  Could you confirm this for us?

BRIAN JOFFE:   The answer to that is if you go back to that meeting held earlier today, I said that we had some preliminary discussions with CFR in relation to seeing whether any of the benefits, which were muted at the time of their intended acquisition.  We're obviously looking at some of those.  There have been certain members of the board…of Adcock's executive team.  I've spoken to CFR and I've had one telephone call with them.

INTERVIEWER:  I'm asking this question on behalf of the shareholders.  There have been many changes on the board, for example, your instatement as well as Mr Wakeford's.  How soon can we see things starting to turn around, from your perspective?

BRIAN JOFFE:  Well, I can't give you an exact timetable on turnarounds.  However, I do think that the mood at Adcock is extremely positive, and given a reasonable amount of time (I'm not talking about many years, but rather a short period of time – a year and a bit), I think shareholders will begin to see some significant change in the company.  I'm optimistic about the company.

INTERVIEWER:  Do you have any final words on Mr Louw, your comment on his resignation and the contribution he made to Adcock?

BRIAN JOFFE:  Mr Louw was with the company for many years and obviously, did some good things in the organisation.  As with all of us, none of us is perfect and I wish Mr Louw well in whatever endeavours he embarks upon.