Drugmaker Cipla’s Samina Hamied is stepping down as executive vice-chairperson of the company from March 31, 2024. She would continue as a non-executive director, the company said.

Samina, who represented the third generation of the promoter family, said she was stepping down “due to personal and family commitments.” She is the niece of Cipla non-executive chairman YK Hamied, and daughter of his brother and non-executive vice-chairman, MK Hamied.

Company insiders explain the development, saying Samina was “transitioning” to a non-executive role. But the development comes even as Cipla fielded queries, till recently, on reports that the promoters were looking to sell their stake — something the management including Cipla doyen Hamied had labelled as “speculative”.

Umang Vohra, Cipla Managing Director and Global Chief Executive explained Samina’s decision as, a role-switch from executive to non-executive roles and “driven by the overall promoter family plan” to make it an “everlasting”, professionally-run organisation. Responding to an analyst query on promoter stake-sale reports, Vohra said there “was no sale, as of this moment”. Further, he added, there was no discussion or dialogue in the last two-three months.

Future ready

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.”

“Cipla continues to be professionally managed and remains steadfast on its future growth path as exemplified by its performance over the recent years,” she added.

Samina had been appointed to the board of directors in July 2015. She had joined the Cipla leadership team in 2011 as Executive Director, and Global Head – Strategy, M&A and Cipla New Venture.

The company’s board also approved the appointment of Balram Bhargava as an additional and independent director of the company, for five years from April 1, 2024 to March 31, 2029. Bhargava was former chief of the Indian Council of Medical Research (ICMR).

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