Cipla appoints MK Hamied as Executive Vice-Chairman

NEW DELHI: Drug major CiplaBSE -0.38 %today announced top level management changes with Managing Director M K Hamied becoming Executive Vice-Chairman and Subhanu Saxena taking over as MD and Global Chief Executive Officer with effect from tomorrow. 

"Suhanu Saxena has been designated as Managing Director and Global Chief Executive Officer and appointed as an Additional Director and Managing Director of the company with effect from July 16, 2013," Cipla said in a filing to the BSE. 

The company's board, in its meeting held today, also elevated Hamied as Executive Vice Chairman. 

"Consequent to the appointment of Subhanu Saxena as the Managing Director, M K Hamied has been designated as Executive Vice Chairman," it added. 

The drug major said Hamied has been re-appointed with effect from July 16 for a fresh term as whole time director. 

The Mumbai-based company's long serving Chairman Y K Hamied had retired as MD with effect from March 31, 2013. 

Shares of Cipla today closed at Rs 407.95 apiece, up 0.73 per cent.