Saxena to take over as Cipla’s new CEO
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Cipla said on Thursday that Subhanu Saxena has been appointed as the company's chief executive officer effective February 1, 2013, thereby filling a void that had been left after the passing away of Amar Lulla, joint managing director, in April last year. Prior to this, Saxena was CEO and country president of Novartis Pharma UK. A graduate degree in engineering from Oxford University and an MBA from INSEAD, France, Saxena has also worked with Citicorp, the Boston Consulting Group and PepsiCo, across markets in Europe, North America, Africa and Asia.
Cipla had said on Wednesday that it is in preliminary discussions to acquire a 51% stake in Cipla Medpro South Africa, a company with which it already has a distribution tie up, for $220 million. Cipla has been reaping the benefits of its exports, and for the second quarter of the current fiscal, its consolidated net profit rose by 61.83% to Rs 500 crore due to robust sales in domestic and global markets.
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