Novartis India MD Milan Paleja to step down with effect from May 31

Drug firm Novartis India on Wednesday said its Vice Chairman and Managing Director Milan Paleja has decided to step down from company, with effect form May 31, 2019.

Paleja has informed the company's board of his decision to resign as the vice chairman and managing director effective May 31, 2019 for embracing challenges outside of Novartis, the company said in a regulatory filing.

The company's board has requested the nomination and remuneration committee to identify and recommend a suitable successor for the role, it added.