Malvinder Mohan Singh, president pharmaceuticals and executive director, Ranbaxy Laboratories Limited (RLL) has replaced Dr. Brian W Tempest as the new CMD of the company. Dr Tempest is to continue with RLL as chief mentor and executive vice chairman of the Board. Dr Tempest has another year's contract with the company.
Announcing the decision at a press conference here today, Ramesh L. Adige, vice president, corporate affairs, global corporate communications and executive director, RLL said that the new CMD assumes complete operational responsibility for the company and will focus on spearheading Ranbaxy's growth to its target of achieving USD 5 billion of global sales by 2012.
Speaking on the occasion, Malvinder Singh expressed strong optimism about the company's future and observed that it is poised for significant growth across global markets. Commenting on the poor performance of the company during the Year 2005, Malvinder Singh hoped to reverse the trend through reduced litigation costs and lesser R&D expenditure.
Dr Brian Tempest considered the top management shakeup as part of effective succession planning at the top level.
Prior to his current position as president, Malvinder Singh led the company's India operations as regional director, soon after his successful tenure as director, global licensing and business development.
Singh joined Ranbaxy in 1998 and has worked through various functions of general management, sales and marketing, finance and business development.