Pankaj Patel passes on baton to son at Zydus Wellness

Pankaj R Patel, chairman and managing director of pharma major Cadila Healthcare, has decided to pass on the reigns of the personal care products firm, Zydus Wellness, to his son, Sharvil P Patel. Sharvil will take over as the chairman of the board of directors effective Monday.

Sharvil Patel has been a non-executive director at Zydus Wellness since 2009. The company in a statement to the BSE said, "Pankaj R Patel has expressed his unwillingness for reappointment as a director of the company."

Since the senior Patel ceased to be the director, the board of directors appointed Sharvil Patel as the chairman of the board, it added.

However, Pankaj Patel will continue to remain the chairman and managing director of Cadila Healthcare of which Zydus Wellness is a subsidiary.

A source close to the development said the move could be considered as passing on the reigns to the next generation and was symbolic of a 'son-rise' at Zydus Cadila Group.

Zydus Wellness on Monday said for the June quarter, it posted 25 per cent dip in its net profit after tax on a standalone basis to Rs 17.05 crore. Its total income from operations dipped eight per cent to Rs 42.58 crore.