Cipla appoints MK Hamied as Executive Vice-Chairman
Indian drug major Cipla announced M K Hamied as the executive vice chairman with effect from tomorrow. Subhanu Saxena will take over as the managing director and global CEO.
July 15, 2013 / 18:37 IST
Drug major Cipla today announced top level management changes with Managing Director M K Hamied becoming Executive Vice-Chairman and Subhanu Saxena taking over as MD and Global Chief Executive Officer with effect from tomorrow.
"Suhanu Saxena has been designated as Managing Director and Global Chief Executive Officer and appointed as an Additional Director and Managing Director of the company with effect from July 16, 2013," Cipla said in a filing to the BSE.Also read: Expect completion of Medpro takeover by mid-July: Cipla
The company's board, in its meeting held today, also elevated Hamied as Executive Vice Chairman. "Consequent to the appointment of Subhanu Saxena as the Managing Director, M K Hamied has been designated as Executive Vice Chairman," it added.
The drug major said Hamied has been re-appointed with effect from July 16 for a fresh term as whole time director. The Mumbai-based company's long serving Chairman Y K Hamied had retired as MD with effect from March 31, 2013. Shares of Cipla today closed at Rs 407.95 apiece, up 0.73 percent. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
