Hamied to step down as Cipla MD after 40 years

Hamied took over reins of Cipla after his father Khwaja Abdul Hamied passed away in 1972

YK Hamied, chairman & MD of Cipla Ltd, India's second largest healthcare company by market cap, is stepping down as the MD of the company. According to a company statement, he has expressed his desire to retire as Managing Director. Hamied, however will continue to be the chairman of Cipla in a non-executive role effective April 01, 2013. YK Hamied had taken over the reins of Cipla when his father Khwaja Abdul Hamied died in 1972.

"The board unanimously acknowledges the outstanding contribution of Hamied to the company over the past 52 years, and in deference to his wishes, has accepted his proposal to retire as Managing Director effective March 31, 2013," said the statement.

Apart from YK Hamied, the management team at Cipla include MK Hamied, brother of YK Hamied and wholetime director and CFO- S Radhakrishnan. Amar Lulla, non-executive director and joint MD of Cipla had died in April 2011.

As part of handing over reins to next generation, the company had inducted Samina Vaziralli, daughter of M K Hamied, into the management in 2011. Kamil Hamied, son of MK Hamied and nephew of YK Hamied, has also been involved in key functions for the last six years, as part of company management.

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