Mumbai: Kal Sundaram, chief executive officer at Taro Pharmaceutical Industries Ltd, the Israeli subsidiary of Sun Pharmaceutical Industries Ltd, will step down by the end of this calendar year, the company said.
Sundaram will return to India to take up an executive position at Sun Pharma after the completion of his assignment at Taro at the end of 2016, a company statement said on Wednesday.
Kalyanasundaram Subramanian, known as Kal 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 Taro in 2010, marking the culmination of a three-and-a-half-year takeover battle.
Sundaram has almost three decades of experience, much of which has been in the pharmaceutical industry, largely with GlaxoSmithKline Plc. (GSK), where he has held country, regional and global responsibilities. Sundaram left GSK India as its managing director.
“I am grateful and privileged to be associated with Taro for the past four years as a board member and three years as CEO. By all measures, the company has executed very well over the past several years, and as a result, Taro is well positioned for continued growth and success," said Sundaram.
Taro’s board will conduct a formal process to appoint a CEO to solely focus on the company. 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, said Sun Pharma.
“On behalf of Taro’s entire board, I want to thank Kal for his many contributions to Taro—providing significant leadership over a challenging period for both the company and the industry, his commitment and dedication to being a driving force behind Taro’s strategic direction, and leading the company on a steady and consistent growth path—delivering strong financial and operational performance," said Dilip Shanghvi, founder and managing director of Sun Pharma.
On 21 June, Taro announced the exit of chief financial officer (CFO) Michael Kalb effective 29 June. The company has initiated an external search for a full-time CFO.