The CEO of Ranbaxy, Mr Atul Sobti quit after just one year of joining the company. Former CMD Malvinder Singh had resigned before him and Sobti's is the second resignation after Daiichi Sankyo took over the pharma major in 2008. Now, Arun Sawhney, President of the Global Pharmaceutical Business will take over from Sobti as MD. Sobti had a three year term as CEO and MD of the company but had someproblems soon after he took over.
In his interview to TOI he has said
‘‘There are certain differences... in the overall working of Ranbaxy as a company, in its running and how to go forward, and integrate it. I took the decision to quit a few months ago, but decided finally (to go) a week ago. Sometimes it's better to quit when there is no resolution, though it is very disappointing and unfortunate.''
He is still evaluating his next move. Under Sobti's tenure, the company posted a strong growth, with net profit of Rs 963 crore in first quarter ended March 31, 2010, as against a loss of Rs 761 crore in the year-ago period.
Spearhead Intersearch MD, Jyorden Misra, speculates on the reasons behind this sudden move. According to him
“The socio-cultural perspective in regard to Korean and Japanese companies has a different tone and tenor from that of American and British owned companies under transition... It is no secret that Korean and Japanese companies vest their critical leadership levels in their own nationals since they do not have a high degree of comfort otherwise."
Source: www.mydigitalfc.com
Here is the link to the article on
Financial Chronicle which tells the story including Mr Misra's comments on the matter.
http://www.in.com/news/business/fullstory-sobti-quits-on-cultural-differences-15037063-57e0a1a1db5d14db667d6d6fb1265af8eeed65a7-1.html
No comments:
Post a Comment