|[May 14, 2014]
Senior Level Changes at Dr. Reddy's
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
"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,"
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.
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