It is learned he will look after the family's other business interests - Fortis chain of hospitals and Religere finance group...

HomeNews5/29/2009

BioSpectrum Bureauhttp://www.biospectrumasia.com/content/250509IND9572.asp

Less than a year after being appointed Chairman, CEO and Managing Director of Ranbaxy, Malvinder Singh has resigned from that post with immediate effect. With this, the owner's control in India's largest pharma company by value comes to an end.

Last year in June, Daiichi Sankyo had acquired 64 percent in Ranbaxy for $4.8 billion. Soon after that Malvinder Singh, the erstwhile owner of the company was appointed the Chairman, CEO and Managing Director of the company for five years.

Ranbaxy was founded by his grand father Bhai Mohan Singh 48 years ago.

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.

The above matters were decided at the Board Meeting of Ranbaxy held Sunday.

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.

Although not much is known where Mr. Malvinder is going now, it is learned he will look after the family's other business interests - Fortis chain of hospitals and Religere finance group that is into life and non life insurance, mutual funds and other financial services.

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