Taro Pharmaceutical Industries Ltd. announced the appointment of Uday Baldota as Chief Executive Officer and as a nominee to Taro's Board of Directors. He is expected to begin his role as CEO on or about April 1, 2017, and will focus solely on the Taro business.
Baldota currently serves as the Executive Vice President & Chief Financial Officer of Sun Pharmaceutical Industries Ltd., and is a member of Sun's global management team. Baldota has over 20 years of management experience, a significant portion of which has been with Sun. In addition to holding various leadership positions, he has been an integral part of Sun's worldwide growth - including leading several important acquisitions and integrations, most recently that of Ranbaxy. Baldota has both an MBA from the Indian Institute of Management, Ahmedabad and a Chemical Engineering degree from the Indian Institute of Technology, Delhi.
Dilip Shanghvi, Taro's Chairman of the Board stated, "I am confident that Uday's experience, vision and leadership, will enable Taro to continue its growth path and deliver superior stakeholder value." Shanghvi continued, "I expect to announce, in the near future, the appointment of an Interim CEO to manage Taro's business during the three month period from Kal Sundaram's departure at the end of this year until Uday's arrival in April 2017."
Certain terms of Baldota's appointment as CEO and nomination to the Taro Board are subject to the approval of Taro's shareholders, which will be voted on at the annual shareholder meeting in December 2016.
Taro Board Changes - Nominations