Cipla's M K Hamied to retire as Executive VC

M K Hamied, the brother of Dr Y K Hamied (Chairman, Cipla Ltd) who step down as Managing Director in February last year, will retire as Executive Vice-Chairman of the company with effect from March 31, 2014.
 
In a BSE filing, Cipla Ltd said, “M K Hamied has expressed his desire to retire as Executive Vice-Chairman of the company. The Board unanimously acknowledges the outstanding contribution of M K Hamied to the company over the past 30 years, and in deference to his wishes, has accepted his proposal to retire as Executive Vice-Chairman effective March 31, 2014.” M K Hamied, however, will continue to be the Vice-Chairman of the Company in a non-executive role effective April 1, 2014.
 
The Board of Directors of Cipla has also designated Rajesh Garg as Executive Director and Global Chief Financial Officer and appointed as an Additional Director and Whole-time Director of the company with effect from April 1, 2014. Garg joined the company as its Global Chief Financial Officer on June 03, 2013.