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Tejendra khanna appointed chairman of Ranbaxy

Former Lieutenant Governor of Delhi Tejendra Khanna was today appointed Chairman of pharmaceutical major Ranbaxy Laboratories following the demise of Dr Parvinder Singh on Saturday.

D S Brar took over as Chief Executive Officer and Managing Director of the company with immediate effect as against the earlier decision to take over from October 1, 1999, a company statement said.

The board unanimously appointed Brar as the CEO and MD for five years effective July 5, 1999.

Brar joined the company in 1977 and held several successive positions before becoming president in 1996.

Meanwhile, accepting the new leadership, Malvinder Mohan Singh and Shivinder Mohan Singh, sons of late Dr Parvinder Singh said in a joint statement that they distinguish ''ownership'' from ''management'' and believed in the ''critical importance of management to be based entirely on principles of competence and merit for maximisation of value for all shareholders.''

''At the meeting of the board held on June 8, Brar's name had been cleared to be the chief executive officer and managing director and that of Tejendra Khanna to be the vice chairman. Given the present circumstances, Khanna will take over as chairman of the board of directors,'' they added.

''We are both supportive of the ideas and principles that Dr Singh cherished and, in particular, of Khanna and Brar succeeding him in their respective positions, we both believe this to be in the best interests of all shareholders,'' they said.

''Our father, Dr Parvinder Singh, over many years of his dynamic leadership at Ranbaxy and as its chairman and managing director, has laid a strong foundation for the growth and prosperity of the company in its journey to achieve its mission of becoming a research-based international pharmaceutical company.''

All stakeholders including shareholders, management personnel and employees in all cadres have benefited and prospered from the tremendous success achieved by the company under his leadership.

''In good times and bad, he implemented his ideals and principles including professionalising the management of the company. Over the years, he successfully built, nurtured and empowered a vast pool of dedicated and talented managerial, scientific and technical personnel in the company in all spheres of its operations that will stand in good stead in building the Ranbaxy of tomorrow.''

His recent initiatives that led to the adoption of a code of practices by the board including segregation of the positions of ''chairman of the board'' and ''chief executive officer and managing director'' and setting up of empowered committees of the board with majority of non-executive directors will enhance standards of corporate governance at Ranbaxy.

Khanna succeeding him as the chairman of the board, brings with him a wealth of wisdom and experience. Brar assuming the position of the chief executive officer and managing director reflects, on one hand, Dr Singh's commitment for this position to be held by the most competent professional in the company and on the other, the continuity and stability of the executive management team that Brar heads as the CEO. Brar has intimate knowledge and experience of the affairs of the company that he has served with distinction and dedication for over 22 years.

UNI

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