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Sixty-nine-year-old Dilip Shanghvi is handing over the baton to his long-term colleague Kirti Ganorkar as the managing director (MD) of Sun Pharmaceutical Industries, a ₹52,041 crore global pharma firm. The company said the move is part of “structured and forward-looking succession planning”.
Dilip’s son Aalok Shanghvi, who serves as whole-time director and chief operating officer (COO), has been given additional responsibility of the North America business as Abhay Gandhi, current president and chief executive officer (CEO) of Sun’s North America business, moves on. Gandhi has, in fact, decided to pursue his interests outside Sun.
Industry watchers say that experience in handling Sun’s most important overseas market will be the potent ground for Aalok to become the future leader at Sun Pharma.
While Ganorkar will take charge on September 1, Dilip will continue as the executive chairman of the Board and also focus on strengthening the specialty portfolio, which accounts for nearly 20 per cent of the consolidated sales. He will also provide “strategic oversight”, the company said in a statement after market hours. Ganorkar now serves as the India business head. After taking charge as MD all business functions will report to Ganorkar. This appointment is subject to approval of the shareholders at the upcoming annual general meeting (AGM).
Ganorkar, who joined Sun Pharma in 1996, has been heading the company’s India business since June 2019. Under his leadership, the company’s India business has grown consistently, further increasing its market share. Sun is India’s largest pharmaceutical company, with an over 8 per cent share of the domestic market.
He has held various leadership roles across business development, marketing, mergers and acquisitions (M&A), new product introduction, project management, and intellectual property (IP) & litigation at Sun Pharma.
“He played a key role in driving Sun Pharma’s foray into specialty by securing rights for innovative products such as Ilumya. Kirti led Sun Pharma’s entry into Japan and did the initial groundwork for the company’s entry into Europe. He supported the US business with stewardship of several notable generic projects from concept to commercialisation,” the company said.
Ganorkar said that it has been a “profoundly rewarding” journey to participate in the company’s transformation into a leading global pharmaceutical enterprise.
Dilip said, “Kirti has consistently demonstrated effective leadership, managing diverse roles at Sun. I have a firm belief in his ability to lead the company into its next phase of growth, and extend my best wishes for his success. Kirti’s elevation showcases our strong in-house talent pool, ensuring continuity of Sun’s core value systems.”
He added: “Abhay has played a pivotal role in driving business growth for Sun across geographies, including the US, India and Emerging Markets. I thank him for his valuable contributions and wish him all the best for his future endeavours.”
Richard Ascroft will be joining as CEO-North America, succeeding Gandhi. Ascroft is a seasoned biopharmaceutical executive with more than three decades of experience spanning commercial operations, market access, medical affairs, and corporate affairs across the US and global markets.
Most recently, he served as senior vice president and business unit head of US Plasma-Derived Therapies at Takeda Pharmaceuticals, and was a member of both the US and global executive leadership teams. Ascroft will report to Aalok.
In 2024-25 (FY25), Sun Pharma’s gross sales grew by 9 per cent while its India formulation sales were up 13.7 per cent and US sales rose 3.6 percent. Its global specialty sales were up 17.1 per cent and accounted for 19.7 per cent of FY25 sales. Ebitda (earnings before interest, taxes, depreciation and amortisation) was up 17.3 per cent, with a resulting Ebitda margin of 29 per cent.
