After being associated with the company for 47 years, MK Hamied has stepped down from his position as Vice Chairman and Non-Executive Director of Cipla, the global pharmaceutical firm, with effect from October 29, 2024.
In a regulatory filing, the Company cited health and age as the reasons for his resignation.
Meanwhile, the company has appointed Kamil Hamied, son of MK Hamied, as Non-Executive Director, effective November 1, 2024.
Cipla’s board has also onboarded Adil Zainulbhai and Abhijit Joshi as Additional Directors (Non-Executive), effective September 3, 2024. Sharmila Paranjpe has been onboarded as an Independent Director for a period of five years with effect from September 1, 2024 and Maya Hari has been appointed as Independent Director for a period of five years, effective November 1, 2024.
Kamil is an entrepreneur with experience in the pharmaceutical industry and wider healthcare sectors. He has navigated business across Asia, Europe, and the US. During his entrepreneurial journey, He also ventured into the investment realm, establishing an investment platform focused on the broader life sciences, biotechnology, genomics, AI drug development, diagnostics, etc.
In his previous stint at Cipla, he was the Chief Strategy Officer and a member of the management team. He was involved in leading company transformation, M&A strategy, implementing a leadership structure, and more.
Zainulbhai retired as Chairman of McKinsey, India after being associated with the company for 34 years, including leadership roles in its Washington and Minneapolis offices. In the past, he served as Chairman of the Quality Council of India and as a Board Advisor to the US-India Strategic Partnership Forum. He has been a director on the boards of corporates in India like Larsen and Tourbo, Reliance Industries, etc.
He is the Chairman of the Boards of Network 18 Media and Investments and TV18 Broadcast. He has also been on the international advisory boards of various international organisations and a member of various high-powered economic groups, advisory committees, and task forces of the Government of India.
Joshi is the Founding and Managing Partner of a law firm Veritas Legal, in India and has over 35 years of experience and expertise in the fields of corporate and commercial law, merger and acquisition, risk management, litigation management, etc.
Joshi has advised numerous business houses and promoter families, representing global conglomerates and large private equity firms in a wide range of complex deals and cases across various industry sectors, including the pharmaceutical industry. He also possesses skills in global economics, financials, risk management, strategic planning, corporate governance, etc.
In his resignation, M K Hamied, said, “These past 47 years at Cipla have been truly a remarkable chapter in my life. Over the decades, I have seen the company grow and evolve in ways I am immensely proud of.”
“I have had the good fortune of working with several key employees and Board members, and especially with Dr. Y. K. Hamied, who has been the guiding light of Cipla. He has greatly contributed towards making my journey at Cipla, one of the most rewarding experiences of my life. I would like to acknowledge Samina’s contribution in transforming the company into a professionally managed organisation and I am pleased to see that Kamil Hamied will be joining the Board as a Non-Executive Director to maintain continuity while representing the promoter family,” he added.
