Daiichi Sankyo and Ranbaxy Announce Reconstitution of Ranbaxy Executive Leadership
On Sunday May 24, 2009, 7:30 am EDT
TOKYO & GURGAON, India--(BUSINESS WIRE)--Daiichi Sankyo Co., Ltd. and Ranbaxy Laboratories Limited today 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.
The above matters were decided at the Board Meeting of Ranbaxy held today.
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.
About Daiichi Sankyo Company, Limited
A global pharma innovator, Daiichi Sankyo Company, Ltd., was established in 2005 through the merger of two leading Japanese pharmaceutical companies. This integration created a more robust organization that allows for continuous development of novel drugs that enrich the quality of life for patients around the world. A central focus of Daiichi Sankyo's research and development are thrombotic disorders, malignant neoplasm, diabetes mellitus, and autoimmune disorders. Equally important to the company are hypertension, hyperlipidemia or atherosclerosis and bacterial infections. For more information, visit www.daiichisankyo.com,
About Ranbaxy Laboratories Limited
Ranbaxy Laboratories Limited, India's largest pharmaceutical company, is an integrated, research based, international pharmaceutical company producing a wide range of quality, affordable generic medicines, trusted by healthcare professionals and patients across geographies. Ranbaxy's continued focus on R&D has resulted in several approvals in developed markets and significant progress in New Drug Discovery Research. The Company's foray into Novel Drug Delivery Systems has led to proprietary "platform technologies," resulting in a number of products under development. The Company is serving its customers in over 125 countries and has an expanding international portfolio of affiliates, joint ventures and alliances, ground operations in 49 countries and manufacturing operations in 11 countries. Ranbaxy is a subsidiary of Daiichi Sankyo Company, Ltd.