DISCOUNT Drug Stores co-founder Peter Newman has given up his 50 per cent stake in the company but will take an advisory role.
Newman has sold part of his share to fellow co-founder John Clark (pictured) and part to pharmacist Rosa Chen, citing a desire to focus more on his personal life.
Clark says Newman played a pivotal role in the success of the Brisbane-based company.
“He has helped to mould this company into the leading pharmacy brand that it is today,” says Newman.
Newman says the change in ownership will not change the brand or the direction of the company.
“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,” he says.
“The skills and knowledge she will bring to this role will only work to improve our business further.”
The appointment of Chen to minor partner will ensure that Discount Drug Stores remains 100 per cent owned by pharmacists.
Discount Drug Stores was ranked 24 in the Brisbane Business News Top 50 Private Companies edition in 2012.
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