Swisse Wellness boss Sali to step down as Biostime takes full ownership
Sali and other minority shareholders have sold their stake to Biostime and he steps down after almost 12 years with the company.
Biostime chief executive and chairman Luo Fei said: "Under Radek's dedicated leadership, Swisse Wellness has achieved significant year-on-year revenue growth and has been lauded as one of the fastest growing in the category globally over the last 10 years.”
Sali said: "I look forward to watching the business continue to grow from the sidelines."
Swisse's managing director Adem Karafili has is also stepping down and will be replaced by Oliver Horn.
Biostime bought Swisse in a A$1.67bn (US$1.1bn) deal last year after a bidding war with other Chinese companies.
Best known for its infant formula products, Biostime saw sales slide by 14% in the first half of 2016 to RMB1.46bn (US$220m), with the Biostime brand – which accounts for 86% of the company’s sales – down 5.4% and the value brand Adimil down 65.7%.
