18 top Ranbaxy executives asked to quit

New Delhi, June 18

Sun Pharmaceutical Industries has started easing out excess employees from Ranbaxy, including senior executives, following completion of its $4-billion acquisition of the Gurgaon-based firm.

When asked to confirm a report of 18 top executives of Ranbaxy being asked to leave, a Sun Pharma spokesperson said: "If there are few employees who could not be positioned appropriately, the organisation will make all attempts to handle the same in a fair, transparent and sensitive manner." The spokesperson said the objective of Sun Pharma-Ranbaxy merger is to create a larger and better organisation for all its stakeholders.

"In order to make this happen, the company has made and will continue to make all efforts to utilise the total available talent in the most appropriate manner," he added.

According to a news report, 18 top executives of Ranbaxy, including Indrajit Banerjee, president and CFO; Yugal Sikri, country head (India) Ranbaxy; Maninder Singh, V-P marketing; Govind Jaju, global head, sourcing; Ratul Bahaduri, director-finance, have been asked to leave.

The report also said nearly 150 senior management staff, including those who are VP and above, will be asked to leave over the coming months.

Sun Pharma spokesperson, however, did not comment on the total number of Ranbaxy employees to be affected by the restructuring post the merger.

In March this year, Sun Pharma completed the merger of Ranbaxy with itself and it resulted in duplication of positions as the two companies have similar business models and market presence. — PTI