Hamied in a company’s statement to stock exchanges said she will continue to serve as non-executive director of the company.
The company said the transition will be effective from March 31, 2024.
“I would like to inform you of my decision to step down as Executive Vice Chairperson of Cipla due to personal and family commitments,” Hamied said.
“The effective date for this transition will be March 31, 2024 and I will work with the Board to ensure a smooth transition,” she added.
Samina Hamied is daughter of M. K. Hamied, vice chairman and niece of
Y. K. Hamied, chairman of Cipla. She is the third generation entrepreneur of Cipla with a storied past.
Hamied joined the Cipla leadership team in 2011 as executive director, heading strategy, M&A and Cipla New Ventures. She was elevated as executive director from July 2015 and later elevated as executive vice-chairperson of the company from September, 2016.
Hamied has been instrumental in driving the company’s transformation from a traditional low-cost drug manufacturer – to one with a young professional management, more aggressive on inorganic expansion and creating front-ends in the markets outside India, such as US and South Africa. Cipla restructured its business — exiting from several non-accretive markets and has also initiated cost optimisation measures. She also played a key role in successfully incubating Cipla’s consumer health business.
Cipla has been in the news over the possible sale of promoters’ stake in the company. The promoters own 33.47% stake in Cipla.
ET in October reported that Cipla stake sale plan has hit a hurdle as reportedly the promoters are not aligned in view regarding the common valuation.
Differences among founders may lead to delay in deal until common consensus is reached over valuation, ET Now reported citing unnamed sources.
On Thursday during a media call, Cipla’s managing director and global CEO, Umang Vohra said he doesn’t think there is any such transaction at this point referring to the promoters’ stake sale.
Cipla on Thursday said its Board has approved appointment of Dr Balram Bhargava, the former chief of the Indian Council of Medical Research (ICMR) , as an additional and independent director of the Company for a period of 5 years with effect from April 1 2024.
