Daiichi Sankyo and Ranbaxy Shake Up Ranbaxy Executive Leadership
Tue, 05/26/2009 - 5:25am
Daiichi Sankyo Co., Ltd. and Ranbaxy Laboratories Limited recently announced that Mr. Malvinder Mohan Singh has stepped down from the positions of Chairman, CEO and Managing Director of Ranbaxy with immediate effect. Mr. Atul Sobti, currently Ranbaxy's Chief Operating Officer, has been appointed as CEO and Managing Director. Dr. Tsutomu Une, Non-executive Director of Ranbaxy, has been elected as Chairman of the Board. Commenting on these changes, Mr. Takashi Shoda, a director of Ranbaxy and the CEO of Daiichi Sankyo, which owns 63.92% of Ranbaxy's outstanding shares, 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. We wish him continued success as he pursues his many other business interests." Mr. Shoda also said “I am pleased that Mr. Sobti has been appointed as CEO and Managing Director, providing continuity at the senior management level.” "It was a difficult decision to separate from Ranbaxy," said Mr. Singh, "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.” Mr. Sobti has held the role of Chief Operating Officer at Ranbaxy since January 2007 and has been a senior executive at the Company from October 2005. Dr. Une is currently a Non-Executive Director of Ranbaxy, a post he has held since December 2008, and is Senior Executive Officer and Member of the Board of Daiichi Sankyo.