HAWTHORNE, N.Y.--(BUSINESS WIRE)--Dec. 1, 2016--
Taro Pharmaceutical Industries Ltd. (NYSE:TARO) (“Taro” or the
“Company”) announced today that its Board of Directors has appointed Mr.
Abhay Gandhi to the position of Interim Chief Executive Officer,
effective January 1, 2017. As previously announced, the Interim CEO will
serve in this role during the period from Mr. Kal Sundaram’s departure
at the end of this year until the arrival in April 2017 of Mr. Uday
Baldota, Taro’s recently appointed CEO.
Mr. Gandhi currently serves as the CEO of the Sun Pharmaceutical
Industries Ltd. (“Sun Pharma”) North America operations, a position he
succeeded from Mr. Sundaram. Taro’s Board of Directors has also
nominated Mr. Gandhi to its Board.
Prior to joining Sun Pharma’s North America business, Mr. Gandhi held
several leadership positions within Sun Pharma over the last 20 years,
including most recently, as CEO of its India business where he was
responsible for India operations as well as certain international
markets, including sales & marketing, integration efforts, business
development, portfolio management and other allied functions. His
leadership enabled the India business to grow more than three-fold in
revenue within a short span of three years.
Taro’s Chairman, Mr. Dilip Shanghvi noted: “The Taro Board is confident
that Mr. Gandhi will serve Taro and its stakeholders well during this
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 the Company’s website at www.taro.com.
SAFE HARBOR STATEMENT
Certain statements in this release are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995. Although the Company believes the expectations reflected in
such forward-looking statements to be based on reasonable assumptions,
it can give no assurances that its expectations will be attained,
including without limitation statements in this press release regarding
the appointments of the interim CEO, CEO, the transition of the business
and the nomination to the Taro Board of Directors. Factors that
could cause actual results to differ include the market price of Taro’s
stock, the nature of other investment opportunities presented to Taro,
cash flows, general domestic and international economic conditions,
industry and market conditions, changes in the Company's financial
position, litigation brought by any party in any court in Israel, the
United States, or any country in which Taro operates, regulatory and
legislative actions in the countries in which Taro operates, and other
risks detailed from time to time in the Company’s SEC reports, including
its Annual Reports on Form 20-F. Forward-looking statements are
applicable only as of the date on which they are made. The
Company 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.
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Source: Taro Pharmaceutical Industries Ltd.
Taro Pharmaceutical Industries
Mariano Balaguer, 914-345-9001
Chief Financial Officer
J. Coote, 914-345-9001