Jubilant Pharmova Ltd on Tuesday announced leadership changes and board composition with Priyavrat Bhartia being appointed as Managing Director with incumbent Co-Chairman & Managing Director Hari S Bhartia deciding to step down as as part of its succession planning strategy.
Hari S Bhartia has decided to step down from the position of Managing Director of the company effective closing business hours of May 31, 2023 and he shall continue as Co-Chairman, Non-Executive Director on the board of the company, Jubilant Pharmova said in a regulatory filing.
Further, the company said Priyavrat Bhartia, son of Chairman Shyam S Bhartia, will take over as Managing Director effective June 1, 2023. He has been a non-executive director since May 2017, it added.
Arjun Shanker Bhartia, son of Hari S Bhartia, has been appointed as the Joint Managing Director effective June 1, 2023. He has served as a non-executive director on the board since May 2017, the company said.
Jubilant Pharmova also said Arvind Chokhany, who at present is Group Chief Financial Officer Jubilant Bhartia Group & Whole-time Director, has taken up an additional role of Chief Financial Officer of Jubilant Pharmova Ltd effective June 1, 2023, to ensure smooth transition to the new CFO, for which the identification and appointment is in progress.
The board of directors at its meeting held on May 29, 2023, considered and approved the changes in the board and key managerial personnel of the company, the filing said.
"The changes in leadership and board composition align with the company's succession planning strategy, to ensure a seamless transition and preservation of the company's core values and corporate culture," Jubilant Pharmova said.
It further said, "We believe this strategic move will foster continued innovation, resilience and value creation for our shareholders, employees, and stakeholders."