Biocon has elevated Siddharth Mittal to the position of Chief Executive Officer and Joint Managing Director. Mittal has been serving as the Chief Financial Officer of the company since August 2014. Mittal takes over from Arun Chandavarkar who retired as chief executive of Biocon on November 30, 2019, after 29 years of service.
"Biocon Ltd... announced that Siddharth Mittal has taken over as Chief Executive Officer and Joint Managing Director of the Company starting December 1, 2019," the company said in a regulatory filing on Tuesday.
Biocon CMD Kiran Mazumdar-Shaw, welcomed Mittal's appointment as the chief executive of the company. "Siddharth's strong leadership qualities, comprehensive understanding of various aspects of the business, deep financial insights and robust operational experience make him an excellent fit for the role of CEO to lead Biocon through its next phase of growth. I am confident that in this new role he will build immense value for Biocon and its stakeholders," she said.
"I am honoured to take over as the CEO and Joint MD of Biocon... It is at an inflection point where it is well positioned to create value for its shareholders by unlocking the potential of various business segments. Post the creation of Biocon Biologics as a wholly owned subsidiary, I now look forward to generating value for our stakeholders by focusing on our Small Molecules business with an aim to further strengthen our portfolio of complex APIs and Generic Formulations in key global markets," Mittal said on his appointment.
Mittal has over 20 years of global and diversified experience in the fields of general management, strategic finance and accounting, mergers and acquisitions, taxation, etc. He has been a core member of the leadership team at Biocon since May 2013.
During his time at Biocon, Mittal has played a crucial role in the biosimilars vertical, including restructuring of the biosimilars business into Biocon Biologics to unlock value for Biocon's shareholders. He has also played a pivotal role in managing global collaborations.
As the CFO, he has successfully created a compelling Shareholder Value Proposition for Biocon over the last 6 years, including value unlocking of Syngene which was listed on the Indian capital markets in 2015, the company said in its statement.