Cipla rejigs top management, CEO Subhanu Saxena quits
Latest News »
Mumbai: Subhanu Saxena, chief executive officer (CEO) at Mumbai-based drug maker Cipla Ltd, will step down from his position on 31 August, the company said on Friday.
Saxena joined Cipla in February 2013 as CEO.
The company has appointed Umang Vohra as the managing director and global chief executive officer effective 1 September.
Cipla is set to enter 30 new international markets over the next two years as the drug maker plans to double its revenue from overseas markets, Mint reported last year quoting Saxena. The company entered 17 new markets in FY15 under his leadership.
Saxena’s tenure also saw Cipla make two of its largest acquisitions ever. In September last year, it acquired two US-based companies, InvaGen Pharmaceuticals Inc. and Exelan Pharmaceuticals Inc., for $550 million, to strengthen its presence in the world’s largest drug market.
The all-cash transactions gave the company scale in the US generics market through a wide-ranging product portfolio in central nervous system, cardiovascular system, anti-infectives, diabetes as well as other value-added generics.
In 2013, Cipla acquired 100% stake in South African arm Cipla Medpro South Africa Ltd for Rs.2,707 crore.
Before joining Cipla, Saxena led the global product strategy and commercialization functions at Novartis AG.
Vohra joined Cipla in October 2015 as the global chief financial and strategy officer and was elevated as the global chief operating officer early this year.
Samina Vaziralli, executive director and the global head- strategy, M&A and Cipla New Ventures, will be the executive vice-chairman of Cipla effective 1 September. She will focus on board and governance issues, in addition to growing Cipla’s strategic priorities through key global partnerships, corporate brand building and public advocacy, a company statement said.
“Having been aware of his personal circumstances, we respect Subhanu’s decision to leave Cipla. We thank him for his stewardship over the last three years and also for his availability to his successor over the next few months for any transition support. We are delighted to see two young leaders—Umang and Samina—take on higher responsibilities within Cipla. Both have earned their new positions by the dint of the leadership and impact they have already made,” said Y.K. Hamied, non-executive chairman, Cipla.