Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Google
Web www.equitybulls.com
Stock Report

| More

Solara announces leadership succession plan

Posted On: 2019-12-09 11:44:02

Solara Active Pharma Sciences Limited (Solara), one of India's leading pureplay active pharmaceutical ingredients Company today announces the appointment of Bharath R. Sesha (Bharath) as the new Chief Executive Officer (CEO) to succeed Jitesh Devendra (Jitesh), the incumbent CEO and Managing Director of the Company.

In April 2017, Jitesh was selected by the Board to take over as the CEO and Managing Director of Solara, a company that was built on the carved API businesses of Strides Pharma Science Limited (Formerly Strides Shasun Limited) and Sequent Scientific Limited to embark on the path to become a compelling global standalone API player. Solara, since then, has come off a long way to establish a niche for itself in the global pure-play active pharmaceutical business.

At the time of Jitesh's appointment with the Company, he was expected to lead Solara until such time the Company attains a critical size which would then allow Jitesh to pursue his interests outside of Solara which he had planned before agreeing to his role. The Board is pleased with Jitesh's contributions that have resulted in Solara achieving all the intended strategic outcomes under his leadership. Consequently, the Board has agreed to a planned separation with Jitesh and is thankful to him for transitioning his role to Bharath, an equally astute leader to take over the helm of affairs at Solara.

Bharath joins Solara from Nalco Water, India where he was the Managing Director responsible for the growth strategy. He has over two decades of experience and a decade leading diverse businesses including pharmaceuticals and has held CXO level positions in companies like Philips, DSM Sinochem Pharmaceuticals, Royal DSM NV. Throughout his professional stints, Bharath has focused on managing the business growth and profitability of these companies across the pharmaceutical, healthcare, consumer lifestyle, and material sciences industries. He has operated in countries like USA, Hongkong, China, Middle East, Egypt, Africa and Europe. Bharath is an Engineering graduate with a management degree from the Institute for Technology and Management, Chennai. He also has a master's degree in International Management from Thunderbird School of Global Management, United States.

Commenting on the development, Deepak Vaidya, Chairman of the Board said: "The Board would like to thank Jitesh for his strong leadership at Solara. Under Jitesh, the Company achieved new heights from where it started, and today, it is on a growth trajectory to take on the future opportunities in this growing API industry. As part of the succession plan, the Board is pleased to announce Bharath as the Company's new CEO who brings his significant strategic experience from his extensive career across multiple companies to deliver on the Company's value creation strategy. Jitesh will continue to be on the Board as the Managing Director for about a year and will continue to play a guiding role for the company in this transitionary phase."

Jitesh, the Outgoing CEO, remarked: "I had the pleasure of leading this young company and be part of this exciting and extraordinary journey. I must take the opportunity to thank the founders and the Board members who reposed their trust in me and extended their full support in building Solara to what it has attained today. I am also grateful to the passion and hard work of my team at Solara, who helped me achieve all possible outcomes with their selfless commitment. Personally, this has been a very emotional decision, and I feel it is tough for me to disengage from a company I have been involved since its inception. That said, I continue to be positive on the future of Solara, and I genuinely believe that Solara gets an exceptionally talented leader in Bharath. I will continue to support Bharath in effecting a seamless transition of my role."

Bharath, the new CEO designate, commented: "I am delighted to be joining Solara as its CEO, and I am grateful to the Board for offering me this opportunity. Certainly, these are exciting times for the industry, and I hope we will continue to create new opportunities for growth in our business to drive significant value for all the stakeholders. As the CEO, I am looking forward to working with an exceptional group of people over the coming years to carry our legacy forward. I would also like to extend my gratitude to Jitesh for his remarkable leadership at Solara and to extend his time and work jointly with me over the next year."

Shares of Solara Active Pharma Sciences Ltd was last trading in BSE at Rs.443.3 as compared to the previous close of Rs. 444.5. The total number of shares traded during the day was 707 in over 146 trades.

The stock hit an intraday high of Rs. 447.4 and intraday low of 443. The net turnover during the day was Rs. 314030.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

JUST Dial Ltd Q3 consolidated PAT at Rs. 62.03 crore

Just Dial Ltd to acquire MyJD Private Ltd

Prestige Estates arm invests in Lokhandwala DB Realty LLP

Monnet Ispat & Energy Ltd reports consolidated net loss of Rs. 140.44 crores in Q3

HFCL consolidated Q3 net profit slides to Rs. 46.08 crore

Gujarat Hotels Ltd reports Q3 FY20 net profit of Rs. 1.09 crore

CRISIL upgrades bank facilities ratings of Sharat Industries Limited

SREI Infrastructure Finance Ltd board to consider issue of securities during FY2020-21

iGTB Announces World's First 100%, 45-minute Robotic Deployment of its fully-featured Transaction Banking Portal CBX

NBCC India Ltd receives LOA from Central Coalfield Ltd

H.G. Infra Engineering Ltd arm gets appointed date from NHAI

Sagarsoft India Ltd Q3 PAT falls to Rs. 0.29 crore

Can Fin Homes Ltd Q3 PAT up at Rs. 106.60 crore

KEI Industries Ltd Q3 consolidated PAT rises YoY to Rs. 7.25 crore

G G Automotive Gears Ltd posts Rs. 1 crore net profit in Q3

Wipro positioned as a Leader in Networks - Software defined solutions and services for UK and Nordics

International Travel House Ltd reports loss of Rs.1.26 crore in Q3

Wipro Positioned as a Global Market Leader in Software Defined Network Solutions and Services by ISG

Zydus and China Medical System Holdings enter into a License Agreement for Desidustat in Greater China

IDBI Bank has sold 17.90 lakh shares of NSE

Sinclairs Hotels Ltd board to consider stock split

ICICI Securities Ltd Q3 FY20 consolidated PAT climbs to Rs. 137.23 crore

National Standard India Ltd Q3 net profit higher YoY

Sunshine Capital Ltd posts Q3 PAT of Rs. 0.89 crore

Hindustan Zinc Ltd reports PAT of Rs. 1620 crores in Q3

TASHI India Ltd Q3 net profit at Rs. 0.081 crore

AMS Polymers Ltd to venture into chemicals business

Maruti Suzuki India Ltd introduces BS-VI Compliant CELERIO

Kamdhenu Limited has presented the construction steel of the new Generation

NMDC Ltd revises iron ore prices from Jan 19, 2020

Federal Bank Ltd Q3 consolidated net profit higher at Rs. 451.62 crore

Bank of Maharashtra consolidated Q3 FY20 net profit higher at Rs. 131.90 crore

Kotak Mahindra Bank Ltd consolidated Q3 PAT up YoY at Rs. 2348.72 crore

Apollo Tricoat Tubes Ltd posts surge in PAT to Rs. 18.01 crore in Q3

Sun Pharma to announce third quarter results on February 06, 2020

Airtel and Google Cloud Partner to Boost Collaboration, Productivity and Digital Transformation in India

Lupin and European Association of Urology Successfully Conclude Masterclass 'Best of EAU19'

Blue Star wins 'The Best Governed Company' award at the '19th ICSI National Awards for Excellence in Corporate Governance'

Cipla Ltd receives EIR from USFDA for Patalganga facility

Strides announces successful closure of the USFDA inspection at its manufacturing site in Florida, United States

Biocon's Oral Solid Dosage Manufacturing Facility Completes Pre-Approval U.S. FDA inspection with Zero Observations

ITI Ltd to fix price band for FPO

Gross NPAs of HDFC Bank increases

Adani Gas Limited's initiative for CNG & PNG in Bhilwara, Rajasthan

Gallantt Ispat Ltd reports consolidated PAT of Rs. 2.81 crore in Q3 FY20

CUPID Ltd Q3 net profit up YoY at Rs. 10.21 crore

Sacheta Metals Ltd Q3 FY2020 net profit at Rs. 0.16 crore

Gallantt Metal Ltd Q3 consolidated PAT at Rs. 1.04 crore

INDAG Rubber Ltd reports consolidated PAT of Rs. 4.10 crore in Q3

HDB Financial Services Ltd reports PAT of Rs. 343.1 crore in Q3 FY2019-20







Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019