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Apollo Hospitals has restructured its top order by making Suneeta Reddy the new Managing Director. Her elder sister and the current MD, Preetha Reddy, will take up an expanded role as Executive Vice-Chairperson.
Suneeta will now “directly steer the hospital vertical,” said Chairman Prathap C Reddy on Wednesday. The hospital chain says the changes are made to align the leadership with the company’s growth strategy.
Shobana Kamineni, who heads the profitable Apollo Pharmacies, will assume new responsibilities in the consultancy space as Executive Vice-Chairperson. The youngest, Sangita Reddy, is now the Joint Managing Director, assigned to Apollo Health and Lifestyle, and The Cradle, the childcare brand.
She is the hospital’s proponent for connected healthcare, and will carry on the group’s efforts in tele-medicine and adopting internet technology in healthcare.
The re-designations also come with operational tweaks – current Managing Director Preetha Reddy will work with clinicians to improve medical processes and services.
She will work towards expanding Apollo’s doctor network and handle the enterprise risk management portfolio. She will also work with State and Central Governments on policy matters.
The company also announced that Vinayak Chatterjee as an additional director will take up the post of an independent director, effective Wednesday.
The family members in their personal capacity control 14.78 per cent in the company, while 19.5 per cent of the total promoter holding of 34.5 per cent is with the corporate entity, PCR investments. Apollo Hospitals had recorded a ₹316.5-crore profit in FY-14 against ₹304.3 crore in the previous fiscal. A 28 per cent growth in its drug retail business during the March quarter gave its FY-14 revenue a booster.
The company has drafted an expansion plan to add 2,685 beds at a cost of ₹2,170 crore, including ₹450 crore for a proton therapy centre in Chennai.
On Wednesday, Apollo’s stock rose 3.82 per cent to ₹1,026.75 on the BSE.
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