Director at top South African company quits R13 million a year job to move to the Western Cape
Aspen Pharmacare executive director Reginald Haman has resigned from his role at Africa’s largest pharmaceutical company to relocate permanently to the Western Cape.
This means he is quitting a job that earned him nearly R13 million during the 2025 financial year.
Founded in 1997 and headquartered in Durban, Aspen has grown into Africa’s largest pharmaceutical manufacturer, operating 26 manufacturing facilities across six continents and supplying products to more than 150 countries.
The company is listed on the JSE and is one of the continent’s leading suppliers of generic medicines, antiretrovirals and branded pharmaceutical products, with key South African manufacturing hubs in Gqeberha, East London and Cape Town.
The company informed shareholders of Haman’s departure through a SENS announcement in April 2026.
Aspen said Haman, who has served as chief corporate officer since April 2021 after joining the group in May 2020, will resign from his position effective 31 July 2026.
He stepped down from the board as an executive director in May. The company said the decision was linked to a lifestyle change, noting that Haman was leaving because he planned to relocate permanently to the Western Cape.
“The board expresses its sincere appreciation to Mr Haman for his valuable contributions and dedicated service to Aspen during his tenure as an executive and as director,” the company said.
“His leadership has played a significant role in the success and development of the group.”
Despite leaving his executive position, Aspen said he has agreed to remain available on a consulting basis for 12 months after his resignation to help ensure a smooth transition.
“This arrangement is intended to ensure continuity and support a smooth transition, which will enable the group to continue to benefit from his expertise. The board wishes Mr Haman continued success in his future endeavours,” the company said.
Aspen Pharmacare’s performance
Aspen’s latest integrated report for the 2025 financial year showed that Haman received total remuneration of R12.99 million.
His package included base pay of R7.21 million, retirement and medical benefits valued at R1.21 million, a performance bonus of R2.88 million, and share-based payments valued at R1.68 million.
Haman’s departure comes during what Aspen has described as a transitional period for the business.
In its interim results for the six months ended 31 December 2025, the group said it delivered an encouraging performance for the first half of 2026, supported by the continued strong momentum in Commercial Pharmaceuticals.
The company’s largest division continued to perform strongly, with management reporting that “Commercial Pharmaceuticals, Aspen’s most material business segment, delivered revenue growth of 4% and normalised EBITDA growth of 11%” on a constant currency basis.
Aspen also generated strong cash flows during the period, reporting free cash flow of almost R2 billion and reducing net debt to R28.6 billion.
A notable strategic development for the business was the sale of Aspen APAC for AUD2.37 billion (R27.5 billion).
The company said proceeds from the transaction will effectively eliminate most of the Group’s net debt, setting the foundation for improved balance sheet flexibility and future capital allocation opportunities.
The group is also nearing a significant manufacturing milestone, with commercial insulin production at its South African sterile manufacturing facility well advanced and final regulatory approval expected during 2026.
However, earnings were weighed down by the absence of prior-period mRNA-related income, restructuring costs of R695 million linked to its sterile manufacturing facilities and the impact of a stronger rand against several key trading currencies.
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