Malvinder Singh relinquishes charge of Ranbaxy; Daiichi takes over

25 May 2009

Malvinder Mohan Singh, chairman, CEO and managing director of Ranbaxy Laboratories, has stepped down on Sunday, ending an era in the Indian family-controlled generic drugs giant's history.

The company has elected Atul Sobti, currently Ranbaxy's chief operating officer, as new CEO and managing director, while Dr. Tsutomu Une, non-executive director of Ranbaxy, has been elected as chairman of the board.

Sobti has been the company's COO since January 2007, and Une is senior executive officer of Japanese drugmaker Daiichi Sankyo Company Ltd, which owns 63.92 per cent of Ranbaxy's outstanding shares. (See: Daiichi Sankyo completes Ranbaxy acquisition).

"It was a difficult decision to separate from Ranbaxy," Singh said in a statement. "But it was the right time for me to do so. I leave with complete confidence that the initial transition phase that followed Daiichi Sankyo's acquisition of majority shareholding interest in Ranbaxy has been completed successfully; and that the company's excellent team of management colleagues are well-positioned to take full advantage of the company's growth opportunities.''

Singh had assumed the additional role of chairman in December for a five-year term, following the company's takeover by Daiichi Sankyo. Singh joined Ranbaxy in 1998 and its board in 2003.

Takashi Shoda, the CEO of Daiichi Sankyo applauded the efforts put in by the Singh family in enhancing the brand value of Ranbaxy in the international market.