Israel Makovwill retire after his position Sun PharmaGeneral Members Meeting on August 29.
- Israel Makov has headed Sun Pharma’s board for the past ten years.
- Sun Pharma has not yet named a replacement for Makov.
Israel Makov, the chairman and board member of Sun Pharmaceutical Industries Ltd, will retire on August 29, 2022 after his current term ends, the company said in a statement on Wednesday.
The company has not yet announced Makov’s replacement.
Makov has led the board of Sun Pharma for the past ten years. He was appointed board member and chairman of the company
in 2012. The pharmaceutical company has expanded its position outside of India and the US to more than 100 markets under his leadership, making it the fourth largest specialty generic pharmaceutical company in the world.
“I was fortunate to be part of Sun Pharma’s exciting journey to become a major global player in the pharmaceutical industry. I especially enjoyed working with Sun Pharma’s talented executives who have participated in the transformation of the company and successfully led the change process,” said Makov.
The company’s revenue has grown from $1.7 billion to $5 billion in the past decade, according to Sun Pharma. Makov — a former president and CEO of Teva Pharmaceutical Industries — also oversaw the acquisition of Ranbaxy in 2014, strengthening the company’s position in the pharmaceutical industry.
Makov was also the former chairman of Given Imaging, which developed and supplied capsule endoscopy, and Netafim, which developed smart irrigation systems. He also founded Israel’s first biotech company Interpharm, which went public in the US.
Dilip Shanghvi, the general manager of Sun Pharma, said: “I have always admired his business acumen and strategic orientation. Mr. Makov has played a key role in Sun Pharma’s global expansion over the past ten years. He led the company into the next phase of growth with a focus on innovation and adoption of newer technologies.”
Shares of Sun Pharma fell slightly after announcing to trade at 10:06 am on August 3 at ₹909.7 at 10:06 am. In total, the company’s shares are up 7.27% since the beginning of this year.
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