Aug. 12: Mr Atul Sobti, managing director and CEO of India’s largest drugmaker Ranbaxy, has stepped down following differences with the Japanese promoter Daiichi Sankyo. Mr Sobti had taken over from former promoter, Mr Malvinder Singh, who had suddenly quit from these posts in the company in May last year. There is speculation that the unceremonial exit of the last two managing directors and chief executive officers of Ranbaxy was ostensibly due to their performance not being up to the expectation of the new owners Daiichi Sankyo.
“When such things happen there would be differences of opinion on how you believe a company should go forward. You have to respect that sometimes those individual opinions lead to a stage when you need to take decision,” said Mr Sobti. He said that the differences were on multiple things and some of them were basic. Mr Sobti term was to end in 2012.
Mr Sobti will formally step down on August 19. Mr Arun Sawhney, currently Ranbaxy’s president, global pharmaceutical business, has been appointed as the new managing director, effective from August 20. Ranbaxy has not annou-nced a replacement for the chief executive position.
In 2008, Daiichi Sankyo had acquired 64 per cent stake in Ranbaxy, including the 34.8 percent belonging to the Singh family.