Report: 6 US Ranbaxy execs head for the exits before Sun Pharma merger
- According to Ranbaxy sources, six top executives at the company's U.S. division quit en masse last week ahead of a planned merger with Sun Pharma.
- The fleeing execs include Ranbaxy U.S. head Venkatachalam Krishnan and the heads of Ranbaxy U.S.'s finance, legal, sales, and distribution divisions.
- India-based Sun Pharma reached a $4 billion deal to acquire Ranbaxy in April. Neither company has issued any comments on the sudden, and collective, departures.
It almost goes without saying that this is a major blow to Ranbaxy, with major company executives with decades of experience with the firm heading for the hills.
“The core team of Ranbaxy in the US, which was running the show so far, resigned in one go last week. This has created a lot of anxiety among other employees and internally everyone is in an exit mode. More heads might roll very soon,” said an unnamed company executive in an interview with Business Standard.
U.S. sales comprise nearly half of Ranbaxy's total worldwide revenues.
- Business Standard Top Ranbaxy executives resign in US