Sun Pharma Chairperson Israel Makov to retire on August 29

• Israel Makov will be retiring from his position after Sun Pharma’s AGM on August 29.
• Israel Makov has been leading the Sun Pharma board for the last decade.
• Sun Pharma has not named a replacement for Makov yet.

Israel Makov, the chairperson and board member of Sun Pharmaceutical Industries Ltd, will be retiring from his position on completion of his current term on August 29, 2022, the company said in a statement on Wednesday.

The company has not yet announced Makov’s replacement.

Makov has been leading the Sun Pharma board for the last decade. He was appointed board member and chairperson of the company in 2012. The pharmaceutical company has expanded its foothold beyond India and US to over 100+ markets under his stewardship, making it the fourth-largest specialty generic pharmaceutical company in the world.

“I was fortunate to be part of the thrilling journey of Sun Pharma becoming a major global player in the pharmaceutical industry. I especially enjoyed working with the talented executives of Sun Pharma who participated in the company’s transformation and successfully led the process of change,” Makov said.

The company’s turnover rose from $1.7 billion to $5 billion in the last decade, Sun Pharma said. Makov — a former president and CEO of Teva Pharmaceutical Industries — also guided the acquisition of Ranbaxy in 2014, strengthening the company’s position in the pharmaceutical industry.

Makov has also been the former chairperson of Given Imaging that developed and provided capsule endoscopy, and Netafim that developed smart irrigation systems. He also founded Israel’s first biotech company Interpharm, which went public in the US.

Dilip Shanghvi, the managing director of Sun Pharma, said, “I have always admired his business acumen and strategic orientation. Mr Makov has played a significant role in Sun Pharma’s global expansion in the last decade. He guided the company into its next phase of growth with focus on innovation and adoption of newer technologies.”

The shares of Sun Pharma dipped marginally after the announcement to trade at ₹909.7 at 10:06 am on August 3. Overall, the company’s shares have gained 7.27% since the start of this year.

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