Sun Pharma hands out walking papers to 18 top Ranbaxy executives
Advertisement
India’s largest drugs manufacturer Sun Pharma has given out marching orders to 18 top executives of Ranbaxy Labs .
The Economic Times reported that this order comes a year after the Dilip Shanghvi-led firm acquired Ranbaxy in an all-stock deal and a few weeks after Q4 profits shrank 44% owing to costs incurred in assimilating the buyout and regulatory issues.
In its fourth-quarter results in May 2015, Sun Pharma reported weak businesses across segments as the consolidated revenue fell 11% quarter on quarter (QoQ) to Rs 6,200 crore. According to people close to the development, Indrajit Banerjee, president and CFO; Yugal Sikri, country head (India) Ranbaxy; Maninder Singh, vice-president marketing; Govind Jaju,global head , sourcing; Ratul Bahaduri, director-finance; are among those who have been asked to leave. These top executives have been given a severance package and the freedom to exercise their stock options before leaving.
The objective of the Sun-Ranbaxy merger was to create a larger and better organisation for all its stakeholders, said a Sun Pharma spokesperson. Owing to the sheer size of the two firms, Ranbaxy's merger with Sun was always supposed to be an intensely complex. The salesforce of the combined organisation is itself close to 30,000 in India and overseas.
Most senior management who have been asked to leave were brought in after Japanese giantDaiichi bought Ranbaxy from the Singh brothers in 2008. (Image: The Economic Times)
Advertisement
Advertisement
The Economic Times reported that this order comes a year after the Dilip Shanghvi-led firm acquired Ranbaxy in an all-stock deal and a few weeks after Q4 profits shrank 44% owing to costs incurred in assimilating the buyout and regulatory issues.
In its fourth-quarter results in May 2015, Sun Pharma reported weak businesses across segments as the consolidated revenue fell 11% quarter on quarter (QoQ) to Rs 6,200 crore. According to people close to the development, Indrajit Banerjee, president and CFO; Yugal Sikri, country head (India) Ranbaxy; Maninder Singh, vice-president marketing; Govind Jaju,
The objective of the Sun-Ranbaxy merger was to create a larger and better organisation for all its stakeholders, said a Sun Pharma spokesperson. Owing to the sheer size of the two firms, Ranbaxy's merger with Sun was always supposed to be an intensely complex. The salesforce of the combined organisation is itself close to 30,000 in India and overseas.
Most senior management who have been asked to leave were brought in after Japanese giant
Advertisement
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Catan adds climate change to the latest edition of the world-famous board game
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- JNK India IPO allotment – How to check allotment, GMP, listing date and more
- Indian Army unveils selfie point at Hombotingla Pass ahead of 25th anniversary of Kargil Vijay Diwas
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market