Drug firm Cadila Healthcare on Wednesday said its chairman and MD Pankaj R Patel has stepped down as Managing Director of the company.
His son Sharvil P Patel, who is Joint Managing Director, will take over as the new MD as part of succession planning, according to a regulatory filing by Cadila Healthcare.
The Board of Directors of Cadila Healthcare has unanimously approved the appointment of Sharvil P Patel as the Manging Director of the company, Cadila Healthcare said in a filing to BSE.
Commenting on the development, Pankaj R Patel said: "...We at Zydus have been working on our succession planning programme over the last decade. In line with this and also to ensure the continuity of business going forward, Dr Sharvil Patel has been appointed as the Managing Director".
He has been associated with the company for close to two decades and has been actively associated in managing the business for over a decade, he added.
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