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STOCKS NEWS AFRICA-Cipla Medpro up after CEO resigns

STOCKS NEWS Reuters Results diary Stocks on the move Real-time Equity News 0808GMT 08Oct12 - Cipla Medpro up after CEO resigns ---------------------------------------------------

Shares of South African generic drug maker Cipla Medpro jump 4.6 percent to 7.07 rand after the company says Chief Executive Jerome Smith has stepped down, ending months of speculation about his future.

Cipla Medpro said Smith stepped down late on Friday "on the basis of an irretrievable breakdown in the working relationship with the board and alleging he was forced to resign".

Smith had been suspended since August, pending an investigation on charges the company had previously declined to identify.

On Monday it said there were more than 20 charges against Smith, including potential "gross misconduct" for approving bonuses and pay rises for himself not recommended by the board.

Reuters Messaging: david.dolan.thomsonreuters.com@reuters.net

Keywords: MARKETS AFRICA STOCKSNEWS