Ranbaxy CEO and managing director Malvinder Mohan Singh has taken the additional role of chairman of the Ranbaxy under the reconstituted board, Ranbaxy Laboratories Limited and Daiichi Sankyo Company Limited said in a release.
Malvinder has also become a member of the senior global management team of Daiichi Sankyo.
The Ranbaxy board of directors approved the reconstitution at a meeting at the company's headquarters in Gurgaon.
Ranbaxy, the country's largest pharmaceuticals company, said the composition of the new board reflects the new ownership structure at Ranbaxy, following Daiichi Sankyo's strategic investment completed in November 2008. Daiichi Sankyo now holds 63.92 per cent of the equity share capital of Ranbaxy.
''Malvinder Mohan Singh, CEO and MD, additionally assumes the role of chairman of the board of directors,'' Takashi Shoda, president & CEO of Daiichi Sankyo, said, adding, '' Ranbaxy will maintain its status as a publicly listed company and will continue to operate as an independent and autonomous entity.''
''These appointments signify both companies' absolute commitment to driving success for this strategic alliance. I am confident that with the leadership team we now have in place, Ranbaxy will swiftly make a significant contribution to the Daiichi Sankyo Group. I believe this unique hybrid business model allows both companies to fully realise their strengths and will become the standard for growth in the pharmaceutical industry of the future," Shoda further commented.
''I would like to acknowledge the substantial contribution made by the erstwhile board in guiding Ranbaxy to its current position of leadership. It gives me great pleasure to welcome the new board that brings with it continuity, enormous experience, global competencies and a cross-functional perspective,'' said Malvider Mohan Singh
''Our transformational alliance with Daiichi Sankyo marks a paradigm shift in the landscape of the pharmaceutical industry. This definitive step emphasizes our vision of bringing high quality, affordable medicines within easy reach of all," he added.
While Malvinder Mohan Singh will function as chief executive, managing director and chairman of Ranbaxy Laboratories, Atul Sobti will be chief operating officer.
Other members of the board include Takashi Shoda, president and chief executive officer of Daiichi Sankyo Co Ltd; Tsutomu Une, senior executive officer of Daiichi Sankyo Co; Sunil Godhwani, chief executive officer and managing director of Religare Enterprises Limited; Anthony H Wild, general partner BOWS Pharmaceuticals AG; Rajesh V Shah, co-chairman and managing director of Mukand Ltd; Akihiro Watanabe who will be representative director of GCA Savvian Group and advocate Balinder Singh Dhillon.
Subsequent to the reconstitution of Ranbaxy's Board, several committees of the board, including the audit, remuneration and shareholder/investors committees have also been reconstituted.
Daiichi Sankyo Co was established in 2005 through the merger of two leading Japanese pharmaceutical companies. A central focus of Daiichi Sankyo's research and development are thrombotic disorders, malignant neoplasm, diabetes mellitus, and autoimmune disorders. The company also is into the development of drugs for hypertension, hyperlipidemia or atherosclerosis and bacterial infections.