New Delhi, August 12, 2010
Atul Sobti
Pharmaceutical major Ranbaxy Laboratories Limited today annunced that Mr Atul Sobti would step down from the positions of CEO and Managing Director of the Company with effect from August 19.
Mr Arun Sawhney, currently Ranbaxy's President, Global Pharmaceutical Business, has been appointed as Managing Director, effective August 20, a press release from the company said.
The company gave no reasons for Mr Sobti's decision to step down. The release said the company's Board of Directors noted its sincere appreciation of Mr. Sobti’s efforts during his tenure as CEO and MD as well as for building upon the strong legacy of Ranbaxy as a premier global company.
"We are extremely grateful for the significant contribution Mr. Sobti has made to Ranbaxy ever since he joined the company," Ranbaxy Chairman Tsutomu Une said.
"Under his leadership as CEO and Managing Director, Ranbaxy has realized various opportunities to repeat the strong operating performance while continuing to manage key challenges." Dr. Une also said,
"We are pleased to appoint Mr. Sawhney as the Managing Director, further advancing the company with the decades of global experience he has in the industry," he said.
Mr. Sawhney, with over three decades of global experience with leading Indian and global pharmaceutical companies, has held the role of President, Global Pharmaceuticals Business, at Ranbaxy, since January 2010, and has been a senior executive at the Company from April 2008.
He is one of the founder members of the Pharmaceuticals Export Promotion Council (Pharmexcil) and has been an active member on the committees of the prestigious Indian Drug Manufacturer’s Association and Bulk Drug Manufacturers Association (India).
Arun Sawhney
This is the second major change at the top in Ranbaxy after Mr Malvinder Singh and his brother Shivinder Singh, grandsons of Ranbaxy founder Bhai Mohan Singh, sold their entire 34.8 per cent stake in the pharmaceutical giant to Japanese pharmaceutical giant Daiichi Sankyo in June 2008 for nearly Rs 10,000 crore.
Though Mr Malvinder Singh had no stake in Ranbaxy after the sale, it was decided then that he would continue as CEO for the rest of his five-year term.
But, in May last year, Mr Malvinder Singh, who was Chairman, CEO and Managing Director of the company, stepped down from his positions suddenly and Mr Sobti took over as CEO and MD, while Dr Une was elected as the Chairman of the Board.
Ranbaxy, India's largest pharmaceutical company, is an integrated, research based, international pharmaceutical company producing a wide range of quality, affordable generic medicines. It is now a subsidiary of Daiichi Sankyo.
NNN