HYDERABAD, India--(BUSINESS WIRE)-- 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,” said Prasad. “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.”
“It is an honor to be nominated as Chairman of the Board,” said Satish. “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 reorganizing 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.”
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.
This press release includes forward-looking statements, as defined in the U.S. Private Securities Litigation Reform Act of 1995. We have based these forward-looking statements on our current expectations and projections about future events. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. Such factors include, but are not limited to, changes in local and global economic conditions, our ability to successfully implement our strategy, the market acceptance of and demand for our products, our growth and expansion, technological change and our exposure to market risks. By their nature, these expectations and projections are only estimates and could be materially different from actual results in the future.
About Dr. Reddy’s
Dr. Reddy’s Laboratories Ltd. (NYSE: RDY) is an integrated global pharmaceutical company, committed to providing affordable and innovative medicines for healthier lives. Through its three businesses - Pharmaceutical Services and Active Ingredients, Global Generics and Proprietary Products – Dr. Reddy’s offers a portfolio of products and services including APIs, custom pharmaceutical services, generics, biosimilars and differentiated formulations. Major therapeutic focus is on gastro-intestinal, cardiovascular, diabetology, oncology, pain management and anti-infective. Major markets include India, USA, Russia-CIS and Europe apart from other select geographies within Emerging Markets. For more information, log on to: www.drreddys.com.
Source: Dr. Reddy’s Laboratories Ltd.