Sun Pharma today announced that its chairman and member of the board, Israel Makov, will retire from the company upon the completion of his current term at Sun Pharma’s Annual General Meeting on Aug. 29, after having led the organization for 10 years.
Under his leadership, Sun Pharma transformed from a $1.7 billion organization, focusing on India and the United States, into the world’s fourth largest specialty generic pharmaceutical company operating across 100-plus markets with a turnover of over $5 billion.
Leading the company’s global expansion, he guided the acquisition of Ranbaxy in 2014, making Sun Pharma the leader in the Indian pharmaceutical market and a strong player globally. Makov helped steer the company to pursue its strategy of building a global pipeline of specialty products, the company said. He was appointed a board member and chairman in 2012.
“I was fortunate to be part of the thrilling journey of Sun Pharma becoming a major global player in the pharmaceutical industry,” Makov said. “I especially enjoyed working with the talented executives of Sun Pharma who participated in the company’s transformation and successfully led the process of change.”
“I am proud of what this incredible company has accomplished and am grateful to my colleagues and all the members of the board for their trust and support,” he said.
“We thank Mr. Makov for his visionary leadership and his contribution towards making Sun Pharma a global pharmaceutical company,” said managing director Dilip Shanghvi. “I have always admired his business acumen and strategic orientation. Mr. Makov has played a significant role in Sun Pharma’s global expansion in the last decade. He guided the company into its next phase of growth with focus on innovation and adoption of newer technologies. The board is sincerely grateful to Mr. Makov for his dedication and wishes him all the best for the future.”