Table of Contents
Key Points
- Ivan Saltzman gifts $392.5 millionDis-Chem stake to sons Dan and Mark in a major family succession move.
- Dis-Chem shares transferred via Ivlyn Local Holdings, reinforcing Saltzman family control in South Africa’s top pharmacy chain.
- $50 million executive retention plan unveiled to strengthen leadership amid Dis-Chem’s R39.2B revenue growth in 2024.
Ivan Saltzman, South African businessman and founder of Dis-Chem Pharmacies, has transferred a 25 percent stake in the pharmacy giant valued at nearly $400 million to his sons, Dan and Mark Saltzman. The move involves 217 million shares held via Ivlyn Local Investment Holdings, an investment vehicle controlled by the Saltzman family.
Dis-Chem shares transfer valued at nearly $400 million
Dis-Chem shares traded at R32.03 ($1.80) per share during the time of drafting this report, valuing the company at R27.53 billion ($1.55 billion). The 217 million shares gifted to the Saltzman sons are worth around R6.95 billion ($392.5 million). Ivan Saltzman is restructuring his shareholding but keeping control firmly within the family, ensuring continued Saltzman family ownership of Dis-Chem.
Saltzman family’s evolving stake and leadership
Before this share transfer, Ivan and Lyn Saltzman held 252 million shares, or 29.31 percent of the company. Post-transaction, Dan and Mark Saltzman will each hold 12.62 percent. Neither son held shares prior to this deal. While Dan remains low-profile, Mark is a commercial lawyer and founder of Saltzman Attorneys & Notaries.
The Saltzmans have gradually reduced their stake since 2021—from over 50 percent to about 31 percent—through strategic sales to public investors, senior executives, and black economic empowerment groups like Royal Bafokeng Holdings and Black Panther (linked to Sandile Zungu’s Zico Investments).
Executive retention and institutional investors
In 2024, Ivlyn initiated a R885 million ($50 million) management retention scheme involving eight senior executives, with shares vesting over five years. Rui Morais, Dis-Chem’s CEO since July 2023, received close to half of the shares worth R408.5 million ($23 million) with the other seven getting R68 million ($3.84 million) worth of shares each, boosting leadership continuity.
This retention plan is vendor-financed by Saltzman, with no cost to Dis-Chem. Institutional shareholders remain significant, with Coronation Fund Managers holding 16.13 percent and the Government Employees Pension Fund via the Public Investment Corporation owning 11.28 percent. Royal Bafokeng Holdings maintains a 5 percent stake.
Dis-Chem’s growth and leadership outlook
Founded in 1978 by Ivan and Lynette Saltzman, Dis-Chem has grown into South Africa’s leading healthcare retail chain. The company reported revenue of R39.2 billion ($2.2 billion) for 2024, up 8 percent from the previous year, fueled by strong retail and wholesale segments.
Although Ivan Saltzman retired as CEO in 2023, he remains actively involved alongside his wife Lynette. In the past year, Ivan earned R17.8 million ($1 million) in total remuneration, with Lynette receiving R14.4 million ($813,000).
Their base salaries were R13 million ($733,000) and R12 million ($677,000), respectively. Their son, Saul Saltzman, who serves as an executive director, received total compensation of R7.9 million ($446,000). The Saltzman family’s continued influence underscores Dis-Chem’s commitment to family-led leadership in South Africa’s fast-growing healthcare and retail sector.
