HAWTHORNE, N.Y., Apr 18, 2012 (BUSINESS WIRE) --Taro Pharmaceutical Industries Ltd. ("Taro," NYSE: TARO) announced today
that Mr. Dilip Shanghvi has resigned, effective today, as Chairman and a
member of Taro's Board of Directors ("Board") in order to focus on other
growth priorities within the Sun Pharmaceutical Industries Ltd. ("Sun
Pharma," Reuters: SUN.BO, Bloomberg: SUNP IN, NSE: SUNPHARMA, BSE:
524715) group and Mr. Kalyanasundaram Subramanian, known in industry
circles as Kal Sundaram, has been appointed as Mr. Shanghvi's
replacement, serving on the Board as its Chairman until Taro's next
Annual General Meeting of Shareholders.
Mr. Shanghvi said, "Taro has made great strides since Sun Pharma took
control in September 2010 and is now once again listed on a major
exchange." Mr. Shanghvi continued, "I am pleased that Mr. Sundaram has
agreed to join Taro's Board and take over as its Chairman. This role is
also in line with his new responsibility for Sun Pharma group's
strategic business interests in North and South America."
Mr. Sundaram has been Sun Pharma's Chief Executive Officer since April
2010 and in this role he focused on accelerating Sun Pharma's growth in
India and other Emerging Market countries and developing broad,
strategic alliances with other leading companies in the pharmaceutical
industry. Mr. Sundaram has almost three decades of regional/global
experience much of which has been in the pharmaceutical industry,
largely with GlaxoSmithKline plc ("GSK," LSE: GSK, NYSE: GSK), where he
has held country, regional and global responsibilities. As its Managing
Director, he led the turnaround of GSK India; and in the regional role,
he spearheaded the company's differentiated and region-specific Emerging
Markets strategy. Mr. Sundaram is a science graduate from Madurai
University and a qualified chartered accountant.
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 further information on Taro
Pharmaceutical Industries Ltd., please visit Taro's website at www.taro.com.
SAFE HARBOR STATEMENT
Certain statements in this press release are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements include, but are not limited
to, statements that do not describe historical facts and statements that
refer or relate to events or circumstances Taro "estimates," "believes,"
or "expects" to happen or similar language. The forward-looking
statements in this press release are based on Taro's current
expectations and are made only as of the date of this press release and
involve certain risks and uncertainties that could cause actual results
to differ materially from future results that may be expressed or
implied by such forward-looking statements. Unless required by
law, Taro undertakes no obligations to update, change or revise any
forward-looking statement, whether as a result of new information,
additional or subsequent developments or otherwise.
SOURCE: Taro Pharmaceutical Industries Ltd.
Taro Pharmaceutical Industries Ltd.
William J. Coote, 914-345-9001