Biocon today announced that its chief executive officer and joint managing director Arun Chandavarkar will retire on November 30 after spending nearly three decades at the biosimilar manufacturer.
Chandavarkar will be replaced by Siddharth Mittal, its current chief financial officer and president – finance, the company said.
“Siddharth has been a core member of the leadership team at Biocon since May 2013 and I am confident that, in his new role, he will build immense value for Biocon and its stakeholders,” the company’s chairman and managing director Kiran Mazumdar-Shaw was quoted as saying in the release.
The company today also announced the resignation of Jeremy Levin as an independent director from its board at the conclusion of October-December board meeting in January.
Levin stepped down as “his expanding commitments in the US have restricted his bandwidth to attend Biocon board meetings in person”, the company said.
He will, however, continue to be associated with the company in an advisory role.
Biocon today also reported a 39% slump in its consolidated net profit for July-September at ₹216 crores, primarily due to the presence of a large one-time gain in the corresponding quarter last year.
Excluding the impact of the one-time gain last year, the profit would have been higher by 3% at ₹189 crores, Biocon said in a release.
The company’s biologics and small molecules businesses, though, saw a 40% and 23% jump in sales, respectively, during the quarter, leading to a 17% growth in topline to ₹1,611 crores.
