Dr. Reddy’s Laboratories chief operating officer Erez Israeli has been named as the chief executive officer of the company.
Announcing his appointment, co-chairman and CEO G.V.Prasad said Mr.Israeli is being elevated and will assume office as CEO from August 1. He made this announcement at the June quarter results press briefing on Monday.
To media queries on whether this meant he was retiring, Mr. Prasad, who is son-in-law of Dr. Reddy’s founder K.Anji Reddy, said he was “not retiring, he (Mr.Israeli) is going to be more active than me.” The founder’s son Satish Reddy is the chairman.
“I am going to continue as MD, but operational responsibility falls on Erez. I was MD, Co-Chair and CEO, now I am only MD and co-chair,” Mr.Prasad said, laughing in response to a supplementary on whether he gets to spend more time to pursue his passion of wildlife photography.
A statement from the company said since joining Dr. Reddy’s as COO in April 2018, Mr. Israeli has spear-headed the transformation agenda of the organisation by ensuring clear strategic focus, effective cost management, setting foundations for sustainable performance and driving growth. His appointment as a CEO will help to propel the growth agenda forward.
In a career spanning over 26 years, Mr.Israeli had been 23 years with Teva Pharmaceuticals, where he held several positions of responsibility.
In another announcement on Monday, Dr. Reddy’s said the board of directors has approved the amalgamation of Dr. Reddy’s Holdings Ltd, an entity held by the promoter group, which holds 24.88% equity shares of Dr. Reddy’s Laboratories into the company. The scheme would lead to simplification of the shareholding structure and reduction of shareholding tiers.
The promoter group cumulatively will continue to hold the same number of shares in the company, pre and post the amalgamation.
