Ranbaxy CEO Malvinder Singh quits

“It was a difficult decision to separate from Ranbaxy,” Singh said in a statement after the board meeting of the Ranmabxy-Daiichi Sankyo here.

Singh was appointed for a term of five years in 2008 by Ranbaxy-Daiichi and severance package is in accordance with the terms of employment.

“But it was the right time for me to do so. I leave with complete confidence that the initial transition phase that followed Daiichi Sankyo’s acquisition of majority shareholding interest in Ranbaxy has been completed successfully,” he said.

Although no particular reason was given by the new management,Sobti,while addressing the press conference said that “priority is to implement Ranbaxy’s business plans to accelerate in achieving our vision of hybrid business model”.

Daiichi had bought 63.92 per cent stake in Ranbaxy last year for an estimated amount of Rs 22,000 crore and since then the company has been facing tough times in terms of mounting losses and problems with the US drug regulator.