Sun Pharma's Chairman Israel Makov to retire after AGM on Aug 29

on Wednesday said its Chairman Israel Makov will vacate office on August 29 upon the completion of his term.

Makov, who led the drug major for 10 years, will step down from the post after the company's Annual General Meeting. He was appointed a board member and the chairman in 2012.

"Makov has played a significant role in the company's global expansion in the last decade. He guided the company into its next phase of growth with focus on innovation and adoption of newer technologies," Sun Pharma MD Dilip Shanghvi said in a statement.

Under Makov's leadership, transformed from a $1.7 billion organisation focusing on India and the US into the world's fourth largest specialty generic pharmaceutical company operating across 100 plus markets with a turnover of over $5 billion, Sun Pharma said.

Makov guided the acquisition of Ranbaxy in 2014, it added.

Makov also helped steer the company to pursue its strategy of building a global pipeline of specialty products, Sun Pharma stated.