Ranbaxy chief executive steps down
pharmafile | August 13, 2010 | News story | Medical Communications, Sales and Marketing | Daiichi Sankyo, Ranbaxy
The chief executive of Ranbaxy Mr Atul Sobti is to step down after an apparent a rift with the company’s owners Daiichi Sankyo.
His exit coincides with news of a poor performance in the financial quarter, with currency volatility contributing to a 52% drop in profits to 3.6 billion rupees ($77 million).
The Japanese company bought Ranbaxy two years ago, but has had to endure boardroom problems since then.
Mr Sobti will be the second departure from the Indian generics company in less than two years, after Malvinder Singh left under similar circumstances in 2009.
A “difference of opinion” about the Ranbaxy’s new strategic direction is understood to be behind Sobti’s departure.
Mr Arun Sawhney, currently Ranbaxy’s president of its global pharmaceutical business, will takeover running of the company on 20 August, but will act as managing director, and not chief executive.
Commenting on these changes, Dr Tsutomu Une, the chairman of Ranbaxy, said: “We are extremely grateful for the significant contribution Mr Sobti has made to Ranbaxy ever since he joined the company. Under his leadership as chief executive and managing director, Ranbaxy has realised various opportunities to repeat the strong operating performance while continuing to manage key challenges.”
Dr Une added: “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.”
Mr Sawhney has over three decades of global experience with leading Indian and global pharmaceutical companies, holding his current role since January 2010 and has been a senior executive at the company from April 2008.
Ben Adams
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