NEW DELHI: Malvinder Mohan Singh on Sunday stepped down as the Chairman, Chief Executive Officer and Managing Director of Ranbaxy Laboratories Limited. Atul Sobti, who was working as Chief Operating Officer, will be the new CEO and Managing Director, while Tsutomu Une, non-executive Director of Ranbaxy, will be the new Chairman of the Board.
The top level management was reconstituted in the Ranbaxy Board meeting. Last year, Ranbaxy Laboratories was acquired by Japan-based Daiichi Sankyo Co. Ltd., which now owns 63.92 per cent of Ranbaxy’s shares. Daiichi Sankyo had acquired majority stake in Ranbaxy for about Rs.22,000 crore.
In a statement, Mr. Singh said: “It was a difficult decision to separate from Ranbaxy, but it was the right time for me to do so. I leave with complete confidence that the initial transition phase that followed Daiichi Sankyo’s acquisition of majority shareholding interest in Ranbaxy has been completed successfully; and that the Company’s excellent team of management colleagues are well-positioned to take full advantage of the Company’s growth opportunities.”
Commenting on the top management changes in Ranbaxy, Daiichi Sankyo CEO Takashi Shoda said: “We very much appreciate the efforts of the Singh family, which grew Ranbaxy from a small, local Indian company to the large multi-national company it has become today. We especially acknowledge the contributions of Mr. Singh. His strategic vision and passion for the pharmaceutical industry will be missed in Ranbaxy’s operations.”