Piramal Pharma, the pharmaceutical subsidiary of the Piramal Group, announced the appointment of three new members to the company’s board of directors on Thursday. Peter Stevenson, Nathalie Leitch, and Sridhar Gorthi were appointed as the members of the company's board of directors.
The company made these announcements as part of its ongoing effort to strengthen its business presence in the Indian market and to further bolster its growth and acquisition strategies. The new hires are expected to add a wealth of expertise to Piramal Pharma's top management, the company said in a statement.
As a former member of American pharmaceutical giant Pfizer’s Global Manufacturing Leadership Team, Peter Stevenson is expected to provide an in-depth understanding of contract manufacturing, business operations, supply chain management and functioning in a challenging regulatory environment. After having retired from Pfizer, Stevenson is currently serving as the Vice-Chair of the Uniting to Combat Neglected Tropical Diseases organisation as well as the chair of the Governance Committee, according to the official release of the company.
Nathalie Leitch joins Piramal Pharma with two decades of professional expertise in the pharmaceutical industry. She is said to have held senior leadership positions in various pharmaceutical businesses and to have significant knowledge of sales, marketing, R&D, and production responsibilities.
Renowned in the industry as a distinguished practitioner for Mergers and Acquisitions (M&A) and PE in Asia-Pacific region, with his legal expertise across sectors, including manufacturing, pharmaceuticals, insurance, banking and financial services, technology, telecom and media, Sridhar Gorthi is expected to bring in invaluable legal expertise to Piramal Pharma. Sridhar Gorthi is a member of the Maharashtra and Goa Bar Councils and a graduate of the National Law School in Bengaluru.
Commenting on the appointments, Executive Director at Piramal Enterprises, Nandini Piramal said, “We welcome the new members to the PPL board. Having a diversified, experienced global board will strengthen our governance, as we vertically de-merge from PEL and become a listed entity. The wisdom and knowledge the new members bring will not only enhance the overall expertise of the board, but also provide crucial insights to the businesses, as we scale up our global presence by pursuing both organic and inorganic growth.”
These new appointments reportedly came ahead of a planned de-merger of Piramal Pharma Ltd. (PPL) from Piramal Enterprises Ltd. (PEL). Following the National Company Law Tribunal's (NCLT) approval and in accordance with the de-merger announced in 2021, Piramal Pharma Ltd. will be listed on both India's National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
“As an independent listed entity with a profitable growth strategy, PPL will be well equipped to support the needs of its customers and help reduce the burden of disease on patients,” the company stated in its official press release.
Shares of Piramal Enterprises were trading at Rs 1719.55, on the NSE, at about 0.39 per cent higher than its previous close at the time of writing this article.
Also read: With son Akash taking over Jio, Mukesh Ambani charts succession plan
Also read: Pharma major Novartis to slash 8,000 jobs globally