Ranbaxy chief steps down, Japanese firm takes over

Posted By: Staff
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New Delhi, May 25: Ranbaxy Laboratories' managing director and chief executive, Malvinder Mohan has reportedly stepped down and Atul Sobti, the current chief operating officer, has been appointed as chief executive and managing director.

India's largest pharmaceuticals company was acquired by Japan's Daiichi Sankyo in 2008 and Tsutomu Une, the company's non-executive director, will now serve as its chairman.

"We very much appreciate the efforts of the Singh family, which grew Ranbaxy from a small, local Indian company to the large multi-national company it has become today," said Takashi Shoda, chief executive of Daiichi Sankyo.

Admitting that it was tough to 'separate from Ranbaxy' but said he was stepping down as the company's acquisition was complete.

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