Dr. Reddy's Laboratories Announces Appointment of New Chief Financial Officer
October 28 2020 - 06:09AM
Business Wire
Dr. Reddy’s Laboratories Ltd. (BSE: 500124, NSE: DRREDDY, NYSE:
RDY) today announced that Parag Agarwal will be joining the Company
as Chief Financial Officer (Designate) on November 2, 2020. The
Board of Directors at their meeting held today, has approved his
appointment as a Chief Financial Officer (KMP*) of the Company
effective December 1, 2020.
In a career spanning over 33 years, Parag has held several
leadership positions, contributing significantly to the financial
performance of his organizations. With over 10 years of working
experience in several countries outside India, he brings deep
global experience in leading business & financial strategy,
transforming finance function, as well as in M&A-strategy &
execution. He has expertise in driving performance management of
investments, financial result delivery and driving operating margin
improvement through revenue & cost optimization across the
value chain.
Parag is a qualified Chartered Accountant and Company Secretary.
He joins Dr. Reddy’s from Reckitt Benckiser PLC, where he was
CFO-Health, based in London. Prior to his nine years stint at
Reckitt, Parag was associated with organizations such as Unilever,
GSK Consumer Healthcare & Genpact.
Saumen Chakraborty, President & CFO, will retire effective
December 1, 2020. In his 19+ years career at Dr. Reddy’s, Saumen
has contributed significantly, leading functions such as HR, Global
Generics Operations, Quality, Finance, Legal and Digital &
Process Excellence. Saumen will continue to be associated with the
Company as an Advisor. He will also help Parag to transition
effectively.
Commenting on his appointment, Parag Agarwal said, “Dr Reddy’s
is driven by its purpose, high governance standards, a robust
strategy and strong leadership. I am truly excited to join the
organization in its transformation journey to create even more
value for its customers and patients.”
KMP* – Key Managerial Personnel
About Dr. Reddy’s: Dr. Reddy's Laboratories Ltd. (BSE:
500124, NSE: DRREDDY, NYSE: RDY, hereinafter “Dr. Reddy's”) is an
integrated pharmaceutical company, committed to providing
affordable and innovative medicines for healthier lives. Through
its three businesses - Pharmaceutical Services & Active
Ingredients, Global Generics and Proprietary Products – Dr. Reddy's
offers a portfolio of products and services including APIs, custom
pharmaceutical services, generics, biosimilars and differentiated
formulations. Our major therapeutic areas of focus are
gastrointestinal, cardiovascular, diabetology, oncology, pain
management and dermatology. Dr. Reddy's operates in markets across
the globe. Our major markets include – USA, India, Russia & CIS
countries, and Europe. For more information, log on to:
www.drreddys.com
Disclaimer: This press release may include statements of
future expectations and other forward-looking statements that are
based on the management’s current views and assumptions and involve
known or unknown risks and uncertainties that could cause actual
results, performance or events to differ materially from those
expressed or implied in such statements. In addition to statements
which are forward-looking by reason of context, the words "may",
"will", "should", "expects", "plans", "intends", "anticipates",
"believes", "estimates", "predicts", "potential", or "continue" and
similar expressions identify forward-looking statements. Actual
results, performance or events may differ materially from those in
such statements due to without limitation, (i) general economic
conditions such as performance of financial markets, credit
defaults , currency exchange rates, interest rates, persistency
levels and frequency / severity of insured loss events, (ii)
mortality and morbidity levels and trends, (iii) changing levels of
competition and general competitive factors, (iv) changes in laws
and regulations and in the policies of central banks and/or
governments, (v) the impact of acquisitions or reorganization,
including related integration issues, and (vi) the susceptibility of our industry
and the markets addressed by our, and our customers’, products and
services to economic downturns as a result of natural disasters,
epidemics, pandemics or other widespread illness, including
coronavirus (or COVID-19), and (vii) other risks and uncertainties
identified in our public filings with the Securities and Exchange
Commission, including those listed under the "Risk Factors" and
"Forward-Looking Statements" sections of our Annual Report on Form
20-F for the year ended March 31, 2020. The company assumes no
obligation to update any information contained herein.”
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INVESTOR RELATIONS AMIT AGARWAL amita@drreddys.com (PH:
+91-40-49002135) MEDIA RELATIONS APARNA TEKURI
aparnatekuri@drreddys.com (PH: +91-40- 49002446)
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