- A year after Sun Pharma acquired Ranbaxy in an all-stock deal, the company is letting go of 18 top managers.
- Some who are leaving include Indrajit Banerjee, President and CFO; Yugal Sikri, country head (India) Ranbaxy; Maninder Singh, V-P marketing; Govind Jaju, global head, sourcing; and Ratul Bahaduri, director-finance.
- Recently reported Q4 2014 profits shrank by 44% due to assimilation costs and regulatory challenges.
As the executives leave Ranbaxy (Sun Pharma), they are being given severance packages, as well as the ability to exercise their stock options ahead of their departure. The larger goal, according to Sun Pharma, is to create a larger, better organized company for stakeholders.
However, the company is also focused on creating professional opportunities for its employees to grow and succeed. This layoff is clearly part of a larger effort to streamline operations in what is a behemoth of a company.
There are almost 30,000 sales professionals at Sun Pharma, so while having 18 top-brass execs leave is headline-making news, the company is still sufficiently staffed to keep moving forward.