Biocon elevates Siddharth Mittal to CEO, Joint MD's position

Biopharmaceuticals major Biocon said on Tuesday that Siddharth Mittal has been elevated to the position of Chief Executive Officer and Joint Managing Director.

Since August 2014, he was serving as Biocon's Chief Financial Officer. Mittal takes over from Arun Chandavarkar who retired on November 30 after 29 years of contribution to the company's evolution.

"Mittal's strong leadership qualities, comprehensive understanding of various aspects of the business, deep financial insights and robust operational experience make him an excellent fit for the role of CEO to lead Biocon through its next phase of growth," said Chairman and Managing Director Kiran Mazumdar Shaw.

Mittal said the company is at an inflection point where it is well-positioned to create value for its shareholders by unlocking the potential of various business segments.

"I now look forward to generating value for our stakeholders by focusing on our small molecules business with an aim to further strengthen our portfolio of complex active pharmaceutical ingredients and generic formulations in key global markets," he said in a statement.