After the Ranbaxy-Daiichi board meet, pharma major Ranbaxy has decided to re-constitute its board. The Managing Director and Chief Executive Officer, Malvinder Singh, will now move on as Chairman with immediate effect.
And the Chief Operating Officer Atul Sobti, will take over as Chief Executive Officer of the company.
Tsutomu Une has been elected Chairman of the Ranbaxy board and Balvinder Dhillon as well as Sunil Godwani have stepped down from the Ranbaxy board.
Atul Sobti says that Ranbaxy will remain a listed company and it plans to reverse forex losses in the next quarter.
Sobti further said that the changes had been made by the board of Ranbaxy and not Daiichi. The priority is to implement Ranbaxy's business plans, he added. The board is to meet with the USFDA soon. However, the collective plan has been sent to FDA, Sobti said.
Commenting on the development, a spokesperson from Daiichi said that the company acknowledged Malvinder Singh’s contribution.
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