Dr. Reddy’s Laboratories Ltd. (NYSE: RDY) today announced that its Board of Directors has decided to have separate roles of the Chairman of the Company and the Managing Director and CEO.
It has appointed Satish Reddy as Chairman of the Board. He previously held the position of Vice-Chairman, Managing Director & COO. GV Prasad will continue as the CEO and provide leadership to the company in an executive role. Prasad has also been appointed as the Co-Chairman and Managing Director.”
“Satish is actively involved in various industry associations and leads the Corporate Social Responsibility efforts at Dr. Reddy’s. In his new role, he can contribute significantly to shaping the direction and course of action on these fronts, in addition to being a custodian of the corporate brand and driving governance processes and agenda of the Board,”said Prasad.
“It is an honour to be nominated as Chairman of the Board. Prasad and I have worked together to diligently execute the exemplary vision set by our Founder Dr. Anji Reddy over the past two decades to emerge as a leading pharmaceutical company from India. By reorganising our roles, we should be able to give further focus to distinct activities while simultaneously providing space for internal growth to our talented Senior Management team, ” said Satish.
Dr. Reddy’s also announced that Abhijit Mukherjee, President, Global Generics has been appointed as Chief Operating Officer. He will be responsible for both the Global Generics and Pharmaceutical Services and Active Ingredients (PSAI) businesses. “I look forward to working closely with Abhijit and the team in the drive towards science & innovation based leadership at Dr.Reddy’s”, added Prasad.
EP News Bureau – Mumbai
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