– USA, NY – Taro Pharmaceutical Industries Ltd. (NYSE: TARO) announced today the appointment of Mr. Uday Baldota as Chief Executive Officer and as a nominee to Taro’s Board of Directors. He is expected to begin his role as CEO on or about April 1, 2017, and will focus solely on the Taro business.
Mr. Baldota currently serves as the Executive Vice President & Chief Financial Officer of Sun Pharmaceutical Industries Ltd., and is a member of Sun’s global management team. Mr. Baldota has over 20 years of management experience, a significant portion of which has been with Sun. In addition to holding various leadership positions, he has been an integral part of Sun’s worldwide growth – including leading several important acquisitions and integrations, most recently that of Ranbaxy. Mr. Baldota has both an MBA from the Indian Institute of Management, Ahmedabad and a Chemical Engineering degree from the Indian Institute of Technology, Delhi.
Mr. Dilip Shanghvi, Taro’s Chairman of the Board stated, “I am confident that Uday’s experience, vision and leadership, will enable Taro to continue its growth path and deliver superior stakeholder value.” Mr. Shanghvi continued, “I expect to announce, in the near future, the appointment of an Interim CEO to manage Taro’s business during the three month period from Kal Sundaram’s departure at the end of this year until Uday’s arrival in April 2017.”
In addition to Mr. Baldota’s nomination to the Taro Board, Mr. Abhay Gandhi, Kal Sundaram’s successor as the CEO of Sun North America, is also being nominated to the Board and is expected to be proposed as Vice Chairman after the 2016 shareholder meeting. Prior to joining Sun North America, Abhay has held several leadership positions within the Sun organization, including most recently, CEO of Sun’s India business.
Due to Taro’s regular rotation principle for our external directors, Mr. Dan Biran and Ms. Ilana Avidov-Mor will be retiring from Taro’s Board of Directors. Two well-qualified candidates have been nominated to fill these vacancies – Mrs. Linda Benshoshan and Mr. Elli Streit.
Mrs. Benshoshan has served on the board of several investment funds, banks and the Tel-Aviv Stock Exchange, and has been a lecturer at the College of Management in Israel since October 2009.
Mr. Streit has over 30 years of multinational business experience and provides investment banking advisory services to companies primarily within the health care sector.
Mr. Shanghvi, said, “I want to thank Mr. Biran and Ms. Avidov-Mor for their countless contributions and dedicated service to Taro during their term as directors, and wish them success in their future endeavors. I also welcome, and look forward to working with, Taro’s newest nominated Board members and wish them success in guiding the Company forward.”
About Taro
Taro Pharmaceutical Industries Ltd. is a multinational, science-based pharmaceutical company, dedicated to meeting the needs of its customers through the discovery, development, manufacturing and marketing of the highest quality healthcare products.
For more information : http://www.taro.com
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