Sun Pharma reshuffles management, Abhay Gandhi North America CEO
- Income inequality in India worsens, but slower than Russia and China: report
- Stocks of capital market-linked firms more than double on vibrant equity market
- Deals Buzz: KKR scouts buyers for 49% stake in producer of ‘Bigg Boss’ show
- BPL Vivid TV review: A TV that does not bother about the future’s uncertainties
- Donald Trump promises giant tax cut as ‘Christmas gift’ to Americans
Hyderabad: Sun Pharmaceutical Industries Ltd, India’s largest drug maker, on Wednesday announced key changes in its top-level leadership for North America, India and emerging markets units.
Abhay Gandhi, the head of India and sub-continent business, will take over as chief executive officer (CEO) of the crucial North America business of the company.
Gandhi, a Sun Pharma veteran, will be based in the US and his appointment will be effective August, the company said.
“In his new role, Abhay Gandhi will spearhead the growth of Sun Pharma’s business in North America,” the company said in a statement.
North America contributes nearly half of Sun Pharma’s generic sales totalling Rs.28,000 crore in the year ended March 2016.
Kal Sundaram, who is the CEO of Sun Pharma’s North America business, will be heading the company’s India and emerging markets business. Sundaram will be based out of the company’s global headquarters in Mumbai. India and emerging markets together contributed about 39% of total generic sales of Sun Pharma in 2015-16.
Sundaram, who is also the CEO of Taro Pharmaceuticals, the US subsidiary of Sun Pharma, announced last week that he will be stepping down by the end of 2016.
Sun Pharma said it will conduct a formal process to appoint a CEO to solely focus on Taro.
Sundaram will assist the board with its search, and will remain with Taro through the end of 2016 to ensure a smooth and successful transition for his successor.
Sundaram, a former GSK executive, played a crucial role in turning around Taro Pharmaceuticals.
Sundaram became CEO of Taro in April 2012. He had been Sun Pharma’s CEO since April 2010 and played a role in accelerating the company’s growth in India and other emerging markets.
Sun Pharma acquired a controlling stake in Israel-based Taro in 2010, marking the culmination of a three-and-half-year takeover battle.
Shares of Sun Pharma rose 0.45% and were trading at Rs.787.25 on the BSE at 10.15am, while the benchmark Sensex gained 0.18% to 27,859.41 points.