Embattled JSE-listed health and wellness group, Ascendis Health, has appointed former Adcorp Group CFO Cheryl-Jane “CJ” Kujenga as its new chief financial officer to replace Kieron Futter, whose notice period ended in September.
Kujenga’s appointment is the second recent key change to the group’s executive team, following CEO Mark Sardi’s appointment last year.
Ascendis produces health supplements, skin products, and generic and over-the-counter drugs, as well as animal health and crop protection solutions. It has been grappling with a large debt burden that increased from R6.53 billion in 2019 to R7.96 billion this year following an aggressive growth strategy.
Its share price, meanwhile, has plummeted by more than 95% over the past five years, and Ascendis shares were trading at 78 cents on Tuesday morning.
“CJ Kujenga … has extensive experience with balance sheet restructuring, strategy development and deployment, financial leadership and operations management,” the group said in its statement.
Kujenga resigned workplace solutions company Adcorp in May, a month after she returned to her position as CFO, having served as the group’s interim CEO for six months. She was appointed as Adcorp's CFO in 2017, after previously working at professional services firm, EY, as a partner and strategic growth markets leader for 11 years.