Zee Media Bureau
New Delhi: Drug firm Sun Pharma has reportedly asked 18 of its top executives to leave the company, according to a newspaper.
Those who have been asked to resign include Indrajit Banerjee, President and CFO; Yugal Sikri, country head (India) Ranbaxy; Maninder Singh, V-P marketing; Govind Jaju, global head, sourcing; Ratul Bahaduri, director-finance, among others, said an 'Economic Times' report.
This comes after a year after the Dilip Shanghvi-led firm acquired Ranbaxy in an all-stock deal and the company's Q4 profits shrank 44 per cent due to costs incurred in assimilating the buyout. Sun Pharma had cited Ranbaxy merger as the main reason behind the sharp decline in profit.
Sun Pharma CEO and MD Dilip Shanghvi had reportedly said earlier that some leaders may have no role in the merged entity.
A majority of the senior executives, who have been served pink slips, were hired following the acquisition of Ranbaxy by Japanese Daiichi in 2008.
