Sun Pharma chairman Israel Makov to retire on 29 August
08 Aug 2022
Sun Pharmaceutical Industries on Wednesday announced that its chairman and member of the board of directors, Israel Makov, will retire from the company upon completion of a 10-year stint.
Makov, who led the organisation for 10 years, is due to retire after the company’s annual general meeting on 29 August 2022. He was appointed a board member and chairman in 2012.
Under his leadership, Sun Pharma transformed from a $1.7 billion organisation focusing on India and the US into the world's fourth largest specialty generic pharmaceutical company operating across 100+ markets with a turnover of over $5 billion, the company has stated.
Leading the company’s global expansion, he guided the acquisition of Ranbaxy in 2014, making Sun Pharma the leader in the Indian pharmaceutical market and a strong player globally. Makov helped steer the company to pursue its strategy of building a global pipeline of specialty products, it added.
“I was fortunate to be part of the thrilling journey of Sun Pharma becoming a major global player in the pharmaceutical industry. I especially enjoyed working with the talented executives of Sun Pharma who participated in the company’s transformation and successfully led the process of change. I am proud of what this incredible company has accomplished and am grateful to my colleagues and all the members of the Board for their trust and support,” the company release quoted Israel Makov as saying.
“We thank Mr Makov for his visionary leadership and his contribution towards making Sun Pharma a global pharmaceutical company. I have always admired his business acumen and strategic orientation. Mr Makov has played a significant role in Sun Pharma’s global expansion in the last decade. He guided the company into its next phase of growth with focus on innovation and adoption of newer technologies. The board is sincerely grateful to Mr Makov for his dedication and wishes him all the best for the future," Sun Pharma managing director Dilip Shanghvi said.
Sun Pharma is the world's fourth largest specialty generic pharmaceutical company and India's top pharmaceutical company. With business and customers in over 100 countries across the world, the company employs a multi-cultural workforce comprising over 50 nationalities.
The company reported a 13 per cent increase in full year FY22 net profit, at Rs3,272.7 crore, against Rs2,903.8 crore in the previous fiscal.
Consolidated sales from operations at Rs38,426 crore, growth of 15.6 per cent year-on-year. Sales in India increased by 23 per cent to Rs12,759 crore over the comparable period last year.