The board of Fortis Healthcare, India's second largest healthcare provider on November 8 accepted the resignation of Bhavdeep Singh, Chief Executive Officer (CEO) of the company.
Singh tendered his resignation citing professional and personal reasons. The hospital chain said Singh will continue in his current capacity till such time as his succession planning is crystallised.
Singh said it is time for him to move on with Malaysia’s IHH Healthcare poised to take over the reins at Fortis as a majority shareholder in the coming weeks.
“After two very challenging years, the company is now on a stable platform and can look forward to the future with optimism. The reality is that the challenges at the company over the past couple of years has not allowed me to spend any time with my family and that is something I need to do now,” Singh said in a statement from Fortis.
“With that said, I am very pleased that business recovery is well underway with solid improvement demonstrated during Q2 and with October results reflecting the best performance we have had in the past 12 months,” Singh added.
Singh rejoined Fortis in July 2015 and led the company through its difficult phase.
“Singh has been instrumental in building required capabilities in the organization and delivering exceptional value through many industry firsts. viz. implementing clinical outcomes measurement and reporting and championing the cause for organ donation and much more,” Fortis said in a statement.
“During his tenure, Singh led multiple due diligence and a series of capital raising initiatives earning very positive feedback from all who worked with him on this process. He engaged with internal and external partners ensuring that no stone remained unturned in steering the company through unprecedented times,” the statement added.
Singh, a US citizen was picked by Fortis' erstwhile promoters Singh brothers in February 2009 to run the hospital chain, which is expanding at a rapid pace. Singh resigned from the company in November 2010, citing family reasons. Singh a veteran retail professional has spearheaded global and domestic supermarket chains such as A&P, Spencer's Retail and Reliance Fresh
Fortis board on July 13, 2018, unanimously approved a binding investment proposal from IHH to invest Rs 4,000 crore by way of preferential allotment. Capital raised would primarily be utilised to complete the proposed acquisition of RHT Indian assets and infuse capital into the company.
The deal got its last major pending approval from India's anti-trust regulator Competition Commission of India (CCI) last month.Early this week Fortis Chairman Ravi Rajagopal said with all approvals pertaining to the Fortis IHH transaction are now in place and both the organisations are working to complete the transaction expeditiously.