New Delhi: India’s largest drug maker by revenue, Ranbaxy Laboratories Ltd, announced the reconstitution of its board of directors following its takeover by Japan’s Daiichi Sankyo Co. Ltd, at a meeting held on Friday.
Ranbaxy chief executive officer and managing director, Malvinder Singh, has additionally assumed charge as chairman of the board. From Daiichi Sankyo, president and chief executive officer Takashi Shoda, and Tsutomu Une, member of the board and senior executive officer, have been appointed as directors.
Added responsibility: In a meeting on Friday, Ranbaxy CEO and MD Malvinder Singh assumed charge as chairman of the board. Ramesh Pathania / Mint
The firm has reduced the board’s size from 14 to 10 with six representatives of Daiichi Sankyo and three nominated by Singh.
Ranbaxy chief operating officer Atul Sobti and Sunil Godhwani, chief executive and managing director, Religare Enterprises Ltd, will continue to be on the board. The new board has seen the exit of Harpal Singh, Fortis Healthcare Ltd’s Shivinder Singh, former Ranbaxy chief executive Brian Tempest and executive director Ramesh Adige. While a tenth board member is yet to be nominated by Daiichi Sankyo, Anthony H. Wild, general partner, BOWS Pharmaceuticals AG, Akihiro Watanabe, representative director, GCA Savvian Group, and Rajesh V. Shah, co-chairman and managing director, Mukand Ltd, have been selected as directors by Daiichi Sankyo, and Ranbaxy has selected advocate Balinder Singh Dhillon.
In November, Daiichi Sankyo concluded its deal with Ranbaxy, acquiring 63.92% of the equity share capital of the company.