Drug-maker Cipla has appointed Subhanu Saxena as its Managing Director and global Chief Executive.
Saxena, who had joined Cipla as its Chief Executive this February, will take on the additional roles mid-July, the company told the stock exchange, following its recent board meeting.
The earlier Managing Director Y.K. Hamied had announced his stepping down in February. He would continue as Chairman in a non-executive role from April, the company had then said.
Cipla’s board appointed M.K. Hamied as Executive Vice-Chairman, effective mid-July. The company also appointed Ashok Sinha as an Additional Director on the company’s board, also from mid-July.
Sinha spent 33 years in Bharat Petroleum Corporation Ltd, where he served on the board for 15 years - first as Director (Finance) for 10 years and then as its Chairman and Managing Director for five years, Cipla said.
Rejig
Cipla has been rejigging its management positions in the recent past. When Saxena’s appointment was announced by the company late 2012, Y.K. Hamied had then told Business Line that Cipla had been restructuring itself in the last 18 months and about 12 key people had been appointed as heads of Europe, Human Resources, IT, Supply Chain etc. The team was to help grow the Rs 8,000 crore-plus company, he had said, adding that companies cannot be run like mom-and-pop stores.
Earlier this year Y.K. Hamied stepped down, after 52 years of building Cipla, the company founded by his father.