Taro appoints Sun Pharma CFO Uday Baldota its CEO
New Delhi : Israel's Taro Pharmaceutical Industries, a subsidiary of Sun Pharma, has appointed Uday Baldota its chief executive officer (CEO).
Baldota, who has also been nominated to Taro's board of directors, is expected to begin his role as CEO on or about April 1, 2017, and will focus solely on the Taro business.
Currently, he is the chief financial officer (CFO) of Sun Pharmaceutical Industries.
In a regulatory filing, Sun Pharma said Baldota would be tendering his resignation as the CFO of Sun Pharmaceutical Industries to be effective in and around April 2017 due to his shifting to the US to look after the business of Taro Pharmaceutical Industries, a subsidiary of company, as its CEO.
In a statement, Taro said Baldota has been nominated to Taro's board and will focus solely on the company's business.
Baldota has over 20 years of management experience, a significant portion of which has been with Sun Pharma.
In addition to holding various leadership positions, he has been an integral part of Sun's worldwide growth including leading several important acquisitions and integrations, most recently that of Ranbaxy.
Sun Pharma MD and Chairman of the Taro board Dilip Shanghvi said: "I am confident that Uday's experience, vision and leadership will enable Taro to continue its growth path and deliver superior stakeholder value."
He further said: "I expect to announce, in the near future, the appointment of an interim CEO to manage Taro s business during the three month period from Kal Sundaram's departure at the end of this year until Uday's arrival in April 2017."
Certain terms of Baldota's appointment as CEO and nomination to the Taro Board are subject to the approval of Taro's shareholders, which will be voted on at the annual shareholder meeting in December 2016.
In addition to Baldota's nomination to the Taro Board, Abhay Gandhi, Kal Sundaram's successor as the CEO of Sun North America, is also being nominated to the board and is expected to be proposed as Vice Chairman after the 2016 shareholder meeting, Taro said.
Baldota's appointment comes at a time when the US Department of Justice has sent summons to Taro and its two senior executives seeking information on generic drug pricing.
Taro Pharmaceutical Industries develops, manufactures and markets generic and branded prescription and over-the-counter (OTC) pharmaceutical products.
In 2010, Sun Pharma ending a three-year-long battle had acquired a controlling stake in Taro, pursuant to entering an agreement with then promoters of Taro led by then Chairman Barrie Levitt in 2007.