D S Brar will step down as CEO and managing director of India’s top pharmaceutical company, Ranbaxy Laboratories Limited.

Brar informed the board of directors at a meeting held today that he would not like to renew his appointment as the CEO and managing director upon expiry of his current term on July 4, 2004.

Accepting his resignation, the board appointed Dr Brian W Tempest (currently "president (pharmaceuticals) and whole-time director") as the "joint managing director and CEO designate" effective January 1, 2004 who would assume the position as the "CEO and managing director" effective July 5, 2004.

The board also appointed Malvinder Mohan Singh as additional director and "president (pharmaceuticals) and whole-time director" (currently "regional director - India"), both effective January 1, 2004.

Vinay Kaul (currently CFO) has been appointed as additional director effective January 1, 2004 post his retirement on December 31, 2003.

Addressing the board, Brar said, he would do his best to ensure a smooth transition in favour of his successor in the best interests of the company.

The net consolidated global sales of the company are likely to be in excess of US Dollars 950 million for the year 2003. The company is well on its way to exceed the sales target of US Dollars 1 billion that was set 10 years ago for the year 2004. Ranbaxy has made significant progress over these years towards its mission of "Becoming a Research Based International Pharmaceutical Company", he said.

With increasing emphasis on ' Drug Discovery' & ' Drug Delivery' Research and on enhancing its presence in the developed markets both in the generics and prescription segments in its pursuit of the vision "GARUDA", Ranbaxy is evolving as a specialty pharma company, he added.

Dr Tempest, a PhD in Chemistry from the Lancaster University joined Ranbaxy in 1995 as "regional director- Europe, CIS and Africa" and was appointed as "president (pharmaceuticals)" effective January 1, 2001. He has over 32 years experience in the pharmaceutical industry, having held responsible positions earlier in his career with Fisons plc, Glaxo Holdings, Beecham and GD Searle.