Cipla’s MK Hamied steps down after 47 years of service from company citing ’age and health’ reasons

Cipla Ltd announced the resignation of its Vice Chairman and Non-Executive Director, MK Hamied, citing "age and health" as the reasons. The pharmaceutical giant made the disclosure in a stock exchange filing, noting that Hamied's resignation will take effect at the close of business hours on October 29, 2024.

"Vide letter dated 3rd September 2024, effective close of business hours of 29th October 2024, Mr. M K Hamied has resigned from the position of Vice Chairman and Non-Executive Director of the Company due to age and health," Cipla stated in the filing.

In conjunction with this announcement, Cipla's Board has approved the appointments of Adil Zainulbhai and Abhijit Joshi as Additional Directors (Non-Executive), effective from September 3, 2024. Additionally, Kamil Hamied, a member of the promoter family, will join the Board as a Non-Executive Director starting November 1, 2024.

Reflecting on his 47-year tenure with the company, MK Hamied expressed pride in Cipla's growth and evolution. "These past 47 years at Cipla have been truly a remarkable chapter in my life. Over the decades, I have seen the Company grow and evolve in ways I am immensely proud of," he said in his resignation letter.

Hamied also acknowledged the contributions of key employees, Board members, and his daughter, Samina, in transforming Cipla into a professionally managed organization. He expressed confidence in the future leadership, saying, "I am pleased to see that Kamil Hamied will be joining the Board as a Non-Executive Director to maintain continuity while representing the promoter family."

On the day of the announcement, Cipla's shares on the NSE saw a modest increase of 0.2%, closing at ₹1,650 per share.

In his farewell message, Hamied expressed mixed emotions about leaving the company but remained optimistic about its future. "While it is difficult to say goodbye to the organization that has brought me so much fulfillment, I feel proud to have worked with such a talented team at Cipla. I take with me fond memories from my tenure at this organization, and I am sure Cipla will continue to thrive and achieve greater heights in the years to come," he said, adding his gratitude to the Board for their "unwavering support and guidance."

Hamied concluded by wishing Cipla continued success and reaffirmed his belief in the company's mission of "Caring for Life."