Malvinder gets additional charge of chairman in reconstituted Ranbaxy board

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.