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| Atul Sobti quits Ranbaxy, Sawhney takes over |
| BS Reporter / New Delhi Aug 13, 2010, 03:29 IST |
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Ranbaxy Laboratories on Thursday said Atul Sobti had resigned as chief executive officer (CEO) and managing director.
The resignation would be effective August 19, said the company in a statement. It appointed Arun Sawhney, president of its global drug business, as managing director from August 20, but didn’t announce a replacement for the CEO position.
This is the second top level change at Ranbaxy after Japanese drug company Daiichi Sankyo acquired a majority stake in it in 2008. Sobti, who joined Ranbaxy in October 2005, was promoted to head the company after former promoter Malvinder Mohan Singh quit the CMD’s (chairman and managing director’s) position in May 2009.
Sobti, whose three-year contract was to end in 2012, said the early exit was not a sudden decision, but was taken after several months of discussions with the Ranbaxy management.
“I have had healthy discussions (with Ranbaxy board) on multiple issues related to Ranbaxy’s future. After such a dialogue, when you believe there is no consensus of opinion, it is better to leave,” Sobti said. However, he refused to divulge the details of the disagreement.
“With the exit of Sobti, the entire old guard of Ranbaxy is out now. It may not have an impact on Ranbaxy performance, as Daiichi has enough management width,” Jagannadham Thunuguntla, equity head of merchant banking firm SMC Capitals said.
Ranbaxy Chairman Tsutomu Une said the company was “extremely grateful for the significant contribution of Sobti”.
Sobti took control of Ranbaxy when the company was facing setbacks in its US business. According to Sobti, Ranbaxy has crossed its troubled phase and is expecting an end to its US troubles in the next three-four months.
While Sobti said it was too early to finalise his next move, he was certain he would not be in the pharmaceutical business.
He had earlier led Hero Honda, another successful Indo-Japanese joint venture in India.
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