Drug firm Merck on Thursday appointed Anand Nambiar as its new Managing Director in place of Dr Claus-Dieter Boedecker who resigned from the company.
“Claus-Dieter Boedecker, Managing Director of the company, has submitted a letter to the Board resigning from the office of Director and Managing Director of the company due to his desire to relocate himself to his home country in Germany,” Merck said in a BSE filing.
“The Nomination and Remuneration committee at its meeting held on December 18, 2014 has recommended to the Board the appointment Anand Nambiar as the new Managing Director of the company,” the company added.
Merck said Boedecker has requested the Board to relieve him from his responsibilities by the close of business on January 31, 2015.
Nambiar’s appointment is subject to the completion of various formalities and compliances as may be required in this regard, the company added.
Shares of Merck closed at Rs 802.45 per scrip at the end of day’s trade, up 1.94 per cent from previous close on BSE.