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Taro names new chairman, CEO
July 18th, 2013
HAWTHORNE, N.Y. – Taro Pharmaceutical Industries Ltd. has announced senior leadership changes, including the appointment of a new chairman and a new chief executive officer.
The company said Thursday that Dilip Shanghvi has been named chairman of the board and that, effective Aug. 1, James Kedrowski will be retiring as its interim CEO and be replaced by Kalyanasundaram Subramanian, known in industry circles as Kal Sundaram.
Kedrowski will continue to serve as a member of Taro's board.
"I am looking forward to moving on to semi-retirement and having the opportunity to spend more time with my family," Kedrowski said in a statement. "I am very pleased with our team's efforts to execute our plans and deliver the improvements in performance Taro has captured over the past three years.
"I am confident that Taro is well-positioned for the future," he added, "and I look forward to being a key participant in that process through my service on Taro's board.”
According to Taro, Sundaram will remain on the Taro board but relinquished the chairman's post due to Israeli legal restrictions on holding both the chairman and CEO positions of a public company. Taro said its board addressed the matter by appointing Dilip Shanghvi as a director — filling the vacancy left by Aalok Shanghvi's resignation from the board — and to serve as chairman. Dilip Shanghvi had previously held the chairman's role from September 2010 until April 2012.
Sundaram became a member and chairman of Taro's board in April 2012. He was the CEO of Sun Pharmaceutical Industries Ltd. from April 2010 to April 2012.
Dilip Shanghvi stated, "Jim Kedrowski has played a key role in helping Taro attain its goals. Since Jim's taking the helm of Taro in 2010, Taro has seen significant growth in revenues and profits. We are pleased that we will continue to benefit from his presence on Taro's board. We also look forward to Taro's future under the proven leadership Kal Sundaram has brought to the organization."