Ranbaxy CMD Malvinder Mohan Singh today stepped down, paving the way for appointment of Atul Sobti as the new CEO and MD for three years.
Tsutomu Une, non-executive director, has been elected as chairman of the board of Ranbaxy Laboratories.
"Malvinder decided that he needs to leave Ranbaxy," Sobti said in a press conference where the reconstitution of the management team was announced. Sobti at present is Ranbaxy's chief operating officer.
Une said Ranbaxy will remain a listed company. "We want to keep Ranbaxy as a listed company," he said.
The decision to appoint Sobti and Une was taken at the board's meeting today.
Ranbaxy board has approved the decision to effect change in the management team. The change of guard comes nearly a year after Ranbaxy was acquired by Japanese drug major Daiichi-Sankyo.
Daiichi had acquired majority stake in Ranbaxy for about Rs 22,000 crore.
"It was a difficult decision to separate from Ranbaxy. But it was the right time for me to do so. I leave with complete confidence that initial transition phase followed Daiichi's acquisition of majority share holding interest in Ranbaxy has been completed successfully...," Malvinder Mohan Singh said in a Ranbaxy release.
