Cipla board approves retirement of M K Hamied

Drug firm Cipla on Thurday approved the retirement of its executive vice-chairman, M K Hamied with effect from March 31, 2014.

Hamied, (73) however, will continue to be the vice-chairman of the company in a non-executive role effective April 1.

"The board unanimously acknowledges the contribution of M K Hamied to the company over the past 30 years, and in deference to his wishes, has accepted his proposal to retire as Executive Vice-Chairman effective March 31,"

Cipla Ltd said in a filing to the BSE.

The company's board, which met today, also approved the appointment of Rajesh Garg as Executive Director and Global Chief Financial Officer.

"Garg has been designated as Executive Director and Global Chief Financial Officer and appointed as an Additional Director and whole-time Director of the company with effect from April 1, 2014.

Garg had joined the company last year.