D S Brar on Monday announced his decision to step down as chief executive officer and managing director of Ranbaxy when his term expires on July 04, 2004 even as the company board named Brian Tempest as his successor.
Announcing his decision at a meeting of the board of directors, Brar said he had fulfilled his role in the company and "would like to devote his time and energy to other pursuits of his interest at this stage of his life and career."
Brar's decision is being seen by industry analysts as a move to give more leeway to company promoters and late Parvinder Singh's sons Malavinder and Shivinder in the management of the company.
Accepting his decision, the board decided to appoint current president (pharmaceuticals) Brain W Tempest as the joint managing director and CEO-designate effective January 1,
2004, who would assume the position as the CEO and MD effective July 05, 2004, a Ranbaxy statement said in New Delhi.
Brar, who had joined the company in 1977, became the managing director in 1999.
The board also approved the appointment of Malavinder Mohan Singh as additional director and president (pharmaceutical) and whole-time director effective from January 01, 2004.
Ranbaxy scrip closed lower by 5.05 points, at 1119.25 on December 22.
