Cipla's Samina Hamied steps down citing personal commitments

Cipla Ltd's executive vice-chairperson Samina Hamied has stepped down from her executive role citing personal and family commitments. Hamied would step down on March 31 this year.

In an exchange filing, the company said Samina, who represented the third generation of the promoter family, is stepping down “due to personal and family commitments.” Samina is the niece of Cipla non-executive chairman YK Hamied, and daughter of his brother and non-executive vice-chairman, MK Hamied. The company said she would continue as a non-executive director.

Cipla board has Y K Hamied, M K Hamied, Samina (executive vice chairperson), Umang Vohra (Managing Director & Global Chief Executive Officer), S Radhakrishnan (non-executive director), and six independent directors - Ashok Sinha, Adil Zainulbhai, PR Ramesh, Punita Lal, Robert Stewart and Mandar Vaidya.

Samina had joined the Cipla leadership team in 2011 as Executive Director, and Global Head – Strategy, M&A and Cipla New Venture.

In her letter on the decision, Samina said, “A decade ago they (YK Hamied and MK Hamied) believed that Cipla needed an engaged and active promoter from the next generation to steer and strengthen the company as we built a world class leadership team, forayed into new geographies and incubated new businesses. Today as I step down from my executive position, I am proud to say that Cipla is strong and resilient and ready for the future.”

The news comes at a time when Cipla promoters, who hold 33.5 per cent of the company, are looking to sell their entire or partial shareholding in the company.

The board in its meeting on Thursday also approved the appointment of Dr Balram Bhargava, former director general of the Indian Council of Medical Research (ICMR) as an additional and independent director of the company for five years starting from April 1, 2024.

On Samina's decision, Cipla noted: “She has been instrumental in driving the Company’s transformation agenda; playing a key role in successfully incubating Cipla’s consumer health business and spearheading the company’s ambitious foray into the US market with strategic acquisitions.”

The company further said Samina has built a ‘top-class’ leadership pipeline for the company as continues to spread wings globally.

Cipla is a multinational pharmaceutical company that has a significant presence in developing markets. It specialises in the research, production, and distribution of a diverse portfolio of medical products, encompassing generics, biosimilars, and over-the-counter medications.

Cipla's headquarters are located in Mumbai, India, and it operates in more than 80 countries worldwide. With a broad range of over 1,500 products available in 50 different dosage forms, Cipla caters to various therapeutic categories.

Earlier this week, Cipla reported a 32% surge in its third-quarter profits, surpassing market expectations. The company's consolidated net profit soared to Rs 1,056 crore, for the quarter that concluded on December 31. The total revenue from operations for the third quarter of the fiscal year 2024 for the generic drugmaker witnessed a slight decline, reaching Rs 6,603 crore in comparison to Rs 6,678 crore in the preceding quarter.

The substantial increase in profit is attributed to Cipla's robust performance in the North American market, which has significantly contributed to the company's financial success during this period.

Also read: Cipla Q3 results: Pharma company's net profit jumps 32% to Rs 1,056 crore

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