Caraco Pharmaceutical Laboratories Ltd announced that its Chief Executive Officer, Narendra N. Borkar, 62, will retire at the end of the quarter. He will remain a director of Caraco Pharmaceutical Laboratories, Ltd. Jitendra N. Doshi, 52, who is a director and has served as Caraco's Chief Operating Officer since June 2001, will assume duties as interim Chief Executive Officer of Caraco Pharmaceutical.
Borkar joined Caraco in August 1997 from Ciba Geigy, now Novartis, where he headed its pharmaceutical business in India.
Doshi joined Caraco from Sun Pharmaceutical Industries where he served as General Manager-Operations. Prior to joining Sun Pharmaceutical in 1999, he was promoter and Managing Director of an Indian manufacturing company.
The Company has forecast 2003 sales of $42 million, an 88% jump over 2002's reported revenues of $22.4 million. In making the announcement, Dilip S. Shanghvi, Caraco's Chairman, noted, "Borkar has been an integral part of our Company's turnaround, growth, and success. He will remain on the board of Caraco and continue to contribute to Caraco. We wish him and his family the very best. We have high expectations for the entire Caraco team and Doshi, especially given his strong experience in the pharmaceutical industry and solid grounding in manufacturing."