Cipla's Samina Hamied steps down as executive vice chairperson citing personal commitments

Cipla Q3 results: Net profit jumps 32% to Rs 1,068 crore Cipla Q3 results: Net profit jumps 32% to Rs 1,068 crore

Samina Hamied, the Executive Vice Chairperson of Cipla, has announced her decision to step down from her current position. However, she will continue to remain associated with the company as a non-executive director who is liable to retire by rotation.

The company has cited "personal and family commitments" as the reason behind her transition from her current role. As per the regulatory filing made on Thursday, the Board has accepted her resignation letter.

"A decade ago, they believed that Cipla needed an engaged and active promoter from the next generation to steer and strengthen the company as we built a world-class leadership team, forayed into new geographies and incubated new businesses. Today as I step down from my executive position, I am proud to say that Cipla is strong and resilient and ready for the future," she wrote.

Also Read | Cipla Q3 results: Net profit jumps 32% to Rs 1,068 crore

Sources with knowledge of the matter told CNBC-TV18, Samina Hamied's resignation from her position as Cipla's executive vice chairperson is part of a larger promoter plan and not related to any potential stake sale.

On January 25, Cipla announced that Hamied had decided to step down from her current position, but will continue to serve as a non-executive director and will be liable to retire by rotation.

The Cipla VC is a third-generation representative of the promoter family. She is the daughter of non-executive vice-chairman MK Hamied and the niece of non-executive chairman YK Hamied. Samina also thanked the duo in her letter to the board.

Furthermore, the company has approved the appointment of Balram Bhargava as an additional and independent director for a period of five years until March 31, 2029.

Balram Bhargava is a global public health leader.As a global leader he has been in the forefront of south-south cooperation, promoting equity in access to health care, democratisation of scientific research and promoting public-private cooperation to bring new technologies and affordable innovative products into the health systems. He brings more than 35 years of experience to the table.

In the past one month, shares of Cipla surged by 10 percent, outperforming Nifty Pharma index that gained 6 percent during the same period. In the last trading session, Cipla shares closed at Rs 1,369 per share, down 3 percent.

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