A year after Cipla’s YK Hamied said he was stepping down as Managing Director, his brother MK Hamied has expressed his desire to retire as Executive Vice-Chairman of the company.
Cipla said on Thursday that its board of directors accepted MK Hamied’s proposal to retire as Executive Vice-Chairman effective March 31, 2014, acknowledging his over 30 years with the company. MK Hamied, however, continues to be Cipla Vice-Chairman in a non-executive role effective April 01, 2014, the company added.
Cipla also announced the elevation of Rajesh Garg as Executive Director and Global Chief Financial Officer, besides being appointed as an Additional Director and Whole-time Director of the company from April 1.