After eleven years, co-founder of Discount Drug Stores Peter Newman is giving up his 50 per cent stake in the business to take on a more advisory role.
Wanting to focus more on his personal life, Newman has sold his share to fellow co-founder John Clark and to pharmacist and managing partner Rosa Chen.
“I want to personally thank Peter for his considerable contribution to Discount Drug Stores over the past eleven years,” Clark said. “He has helped to mould this company into the leading pharmacy brand that it is today.
“I would also like to welcome Rosa to her new role as a partner in the firm,” Mr Clark continued. “I have no doubt she will be of immense help in the continuing expansion of Discount Drug Stores and creating an even stronger brand across Australia.”
As part of the restructure, Chen will be appointed as minor partner of the company and will ensure Discount Drug Stores remains 100 per cent owned by pharmacists – an important factor the company continues to uphold.
“Whilst there has been a change in the ownership structure of Discount Drug stores, it is important to note that the direction and image of our brand has not, and will not change,” Clark said.
“We’ve specifically chosen Ms Chen because she knows Discount Drug Stores inside and out and has been a part of many important business decisions and milestones over the years. The skills and knowledge she will bring to this role will only work to improve our business further.”