Sun Pharma announced on Wednesday that Chairman Israel Makov will retire from the company after the annual general meeting on August 29. Makov will step down as he will complete his tenure at the end of the month.
Israel Makov was appointed a board member and Chairman of the company in 2012. He has been leading the organisation for the past 10 years.
Under Makov, the company transformed into a $1.7 billion organisation, world’s fourth largest specialty generic pharmaceutical company. It operates across over 100 markets, and has a turnover of $5 billion. Makov also led the company during the acquisition of Ranbaxy in 2014. The company stated that he helped build Sun Pharma’s strategy of building a global pipeline of specialty products.
Israel Makov said, “I was fortunate to be part of the thrilling journey of Sun Pharma becoming a major global player in the pharmaceutical industry. I especially enjoyed working with the talented executives of Sun Pharma who participated in the company’s transformation and successfully led the process of change. I am proud of what this incredible company has accomplished and am grateful to my colleagues and all the members of the Board for their trust and support.”
Sun Pharma MD Dilip Sanghvi thanked Makov for his “visionary leadership” and contribution towards making Sun Pharma a global pharmaceutical company. “I have always admired his business acumen and strategic orientation. Mr Makov has played a significant role in Sun Pharma’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.”
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