United Drug chief set to step down

UNITED Drug chairman Martin Rafferty is to step down after spending 20 years in the job.

Mr Rafferty has been with the company, which distributes drugs to pharmacies in Ireland and Britain, since 1973 and chairman for the past 20 years. He will step down at the company’s financial year-end in September.

The firm said yesterday former Ulster Bank chief executive Ronnie Kells will take over in October.

Liam FitzGerald, United’s chief executive, said under Martin Rafferty the company has been transformed.

“In many ways Martin in synonymous with United Drug and he has played a pivotal role in steering the group through strategic challenges, management succession, acquisitions and an unparalleled record of earnings growth.”

Earlier yesterday, Mr Rafferty told United Drug’s annual general meeting that the company had enjoyed a good first quarter. He told shareholders that good organic growth will continue to be complemented by bolt-on acquisitions.

“Our wholesale operations go from strength to strength, with a particularly strong start in the Republic of Ireland,” he said.

Shares in United Drug gained almost 1.5% on the Irish market yesterday to finish at €3.65.