Sun Pharmaceutical Industries Limited on Wednesday announced that its Chairman and member of the Board, Israel Makov, will retire from the company upon the completion of his current term post-Sun Pharma’s Annual General Meeting on August 29, 2022. Makov will be stepping down after having led the organisation for 10 years. He was appointed a Board member and the Chairman in 2012.
In a statement, the company claimed that Sun Pharma transformed from a US$ 1.7 billion organisation focusing on India and the US into the world’s fourth largest specialty generic pharmaceutical company operating across 100+ markets with a turnover of over US$ 5 billion under his leadership.
“Leading the company’s global expansion, he guided the acquisition of Ranbaxy in 2014, making Sun Pharma the leader in the Indian pharmaceutical market and a strong player globally. Makov helped steer the company to pursue its strategy of building a global pipeline of specialty products,” the company said in a statement.
“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. I am proud of what this incredible company has accomplished and am grateful to my colleagues and all the members of the Board for their trust and support,” Israel Makov said in a statement on Wednesday.
The consolidated net profit of Sun Pharmaceutical Industries’ surged 42.7 percent to Rs 2,060.88 crore on 10.08 percent increase in revenue from operations to Rs 10,643.97 crore in Q1 FY23 over Q1 FY22. The drug maker said that excluding COVID-19 product sales for Q1 last year, overall sales are up about 14 percent. On Tuesday, the shares of Sun Pharma fell 0.20% to Rs 916.75.
“We thank Mr Makov for his visionary leadership and his contribution towards making Sun Pharma a global pharmaceutical company. 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 the adoption of newer technologies. The Board is sincerely grateful to Mr Makov for his dedication and wishes him all the best for the future,” Sun Pharma Managing Director, Mr Dilip Shanghvi said while sharing his thoughts on the contributions of Mr Israel Makov in a statement on Tuesday.