Ranbaxy chief to step down

Tuesday, 23 December 2003, 08:00 Hrs
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NEW DELHI: D.S. Brar, managing director and CEO of India's pharma major Ranbaxy Laboratories, is planning to step down from his post, having set the company on course for net global sales of $1 billion in 2004.

At the company's board of directors meeting here Monday, Brar made it known that he would "not like to renew his appointment as the CEO and managing director upon expiry of his current term on July 4, 2004", said a statement from Ranbaxy.

The company is close to achieving its target of $1 billion sales in 2004 with net consolidated global sales during the current calendar year set to cross $950 million.

"The net consolidated global sales of the company are likely to be in excess of $950 million for the year 2003 and, barring unforeseen circumstances, the company is well on its way to exceed the sales target of $1 billion, set 10 years ago for the year 2004," Brar said.

Brar informed the Ranbaxy board of directors that the company had made significant progress in "becoming a research based international pharmaceutical company".

With increasing emphasis on drug discovery, drug delivery research and on enhancing its presence in the developed markets both in the generics and prescription segments, Ranbaxy is evolving as a speciality pharma company, Brar said.

Having "fulfilled his role in the company", Brar said he would like "to devote his time and energy to other pursuits of his interest at this stage of his life and career".

Brar, who joined Ranbaxy in 1977, said he would strive to ensure a smooth transition in favour of his successor.

While accepting Brar's request, the board appointed Brian W. Tempest as joint managing director and CEO designate from January 1.

Tempest is currently president pharmaceuticals and whole-time director. He will take over from Brar on July 5, 2004, the company statement said.

Source: IANS
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