Malvinder Mohan Singh, the last remaining family member to head India's largest pharmaceutical company, has severed his ties with the business his grandfather founded in 1961.
In a statement, the company said he was stepping down from the positions of chairman, CEO and managing director with immediate effect. He will be replaced by Atul Sobti, Ranbaxy's COO.
The news comes almost exactly one year after the Singh family sold their 35% stake in the business to Japanese pharmaceutical giant Daiichi Sankyo.
"It was a difficult decision to separate from Ranbaxy, but it was the right time for me to do so," said Singh. "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."
Takashi Shoda, a director of Ranbaxy and the CEO of Daiichi Sankyo, which owns 63.92% of Ranbaxy's outstanding shares, paid tribute to the family.
"We very much appreciate the efforts of the Singh family, which grew Ranbaxy from a small, local Indian company to the large multinational company it has become today," he said. "We especially acknowledge the contributions of Mr Singh. His strategic vision and passion for the pharmaceutical industry will be missed in Ranbaxy's operations. We wish him continued success as he pursues his many other business interests."
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