End of an era for 47-year-old South African retail giant
After 19 years, Saul Saltzman, son of Dis-Chem founders Ivan and Lynette Saltzman, has formally submitted his resignation from his position as Executive Director of the company.
The company announced that the change will take effect on 27 February 2026.
Following his resignation, Saul will remain on the Dis-Chem board as a non-independent non-executive director, where he will continue to contribute to the group’s strategic direction and governance.
The board welcomed the changes and expressed its appreciation to Saul for his years of dedicated leadership and valuable service.
The move follows a series of changes and broader restructuring of the pharmaceutical and retail giant, with the Saltzman family slowly loosening the reins they hold on the company.
Dis-Chem co-founder, Ivan Saltzman, stepped down as CEO of the group at the end of June 2023, with then-CFO Rui Morais taking over as his successor. Ivan remains an executive director.
Saul’s resignation is notable in the context of the Saltman family’s stakes in the company they founded.
In June 2025, brothers Dan and Mark Saltzman, the other sons of Ivan and Lynette, inherited around R6.8 billion in company shares.
The transaction formed part of a broader restructuring by the founders.
Prior to the deal, the family investment vehicle, Ivlyn, held a 29.31% stake in the company. Following the share distribution, Ivlyn’s interest decreased substantially to 4.06%.
Dan and Mark went from having no beneficial interest in the company to owning 12.62% each (R3.4 billion each).
Despite the shift, Dis-Chem confirmed that the shares remained within the Saltzman family, maintaining the existing family ownership structure.
This was further cemented with Saul, Lynette and Ivan serving as executive directors of the company. However, only Ivan remains a full-time director.
Lynette stepped down as executive director in 2022 to focus on an operational role within the group’s beauty category.
The restructuring also followed a wave of share sales by the Saltzman family and other executives in 2024.
Saul Saltzman sold over R120 million worth of shares, while executive director Stan Goetsch offloaded more than R300 million.
At the time, analysts viewed this as a broader generational transition for the group.
Building an empire
Ivan and Lynette Saltzman opened a small pharmacy in Mondeor, Johannesburg, with a R10,000 capital investment in 1978.
Frustrated by how the pharmacy operated while working as a locum there, Ivan saw potential and bought the business.
This marked the beginning of what would become Dis-Chem, one of South Africa’s largest and most recognisable pharmacy retail brands.
By 1984, they had opened their second store in Randridge Mall, despite widespread reluctance from others to commit to the new shopping centre.
It was around this time that Lynette was working half days to look after their young children, who would go on to inherit their significant stakes in the company 30 years later.
The Dis-Chem model of discounting medicines and expanding product offerings proved successful. During the late 1980s and 1990s, Dis-Chem expanded rapidly in Johannesburg and Pretoria.
The 1990s and early 2000s saw aggressive growth. Dis-Chem introduced private-label products in 1997 and launched the Dis-Chem Foundation in 2006.
By 2016, the company had 100 stores and R15.5 billion in revenue.
That same year, Dis-Chem listed on the Johannesburg Stock Exchange, a move that Ivan described as “an important next phase” of the company’s growth.
Dis-Chem has since continued its expansion. By 2025, the company had 330 stores, comprising 285 pharmacies and 45 baby outlets, with a market capitalisation of R27 billion.
Loading ...