In major boardroom reshuffle, Samina Hamied steps down from Cipla Board

The announcement comes amid reports that Cipla promoters are looking to sell their entire or partial shareholding in the company

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Cipla on Friday said that Samina Hamied, non-executive director of the company, has tendered her resignation from the Board with effect from October 2024 due to “personal and family commitments.”

In a letter to the Board dated July 26, Hamied said, “I hereby tender my resignation from the Board of the company as a non-executive director with effect from close of business hours on October 29, 2024, due to personal and family commitments.”

She also expressed her gratitude to all the Board members.

Earlier in January, Hamied had stepped down from her executive role.

The company Board had accepted her decision to step down from the role of executive vice-chairperson and continue as a non-executive director.

The announcement comes at a time amid reports that Cipla promoters are looking to sell their entire or partial shareholding in the company.

In May, Hamied family members, promoters of Cipla, had sold 2.53 per cent shares to a clutch of investors, including ICICI Prudential Mutual Fund and Aditya Birla Sun Life Mutual Fund, among others, via block deals.

The proceeds worth Rs 2,637 crore will be used for 'creating liquidity' for specific needs, including 'philanthropy', the Mumbai-headquartered drug major had said.

According to market sources, last year, private equity major Blackstone offered to acquire Cipla's promoter stake, and late in September, Torrent Pharmaceuticals made another offer.

Torrent's offer was close to the market price of the stock then.

Cipla promoters now hold 30.91 per cent in the company.

Cipla Board comprises Y K Hamied, M K Hamied, Umang Vohra (managing director & global chief executive officer CEO), and S Radhakrishnan (non-executive director). It further has nine independent directors — Ashok Sinha, Adil Zainulbhai, PR Ramesh, Punita Lal, Robert Stewart, Mandar Vaidya, Balram Bhargava, Maya Hari and Sharmila Paranjpe.

Cipla announced the appointment of tech industry veteran Maya Hari as independent director. She is currently the CEO of Terrascope, a global climate-tech company.

Hari has worked with tech giants like Twitter, Samsung, Google and Microsoft across Silicon Valley and Asia. Cipla Board also appointed Wipro veteran Sharmila Paranjpe as independent director.

In January, Cipla had said Samina Hamied has been instrumental in driving the company’s transformation agenda, incubating Cipla’s consumer health business and spearheading its ambitious foray into the US market with strategic acquisitions.

An alumna of London School of Economics, Hamied had joined the Cipla leadership team in 2011 as executive director and global head – strategy, M&A & Cipla New Ventures.