Indian pharmaceutical company Dr Reddy’s Laboratories Ltd said on Monday it has elevated Erez Israeli as its chief executive officer.
Israeli will report to GV Prasad, who has been re-designated from CEO to co-chairman and managing director, the drugmaker said in a stock market disclosure.
The appointment will be effective from August 1, it added.
Israeli had joined Dr Reddy’s as its chief operating officer in April last year. Prior to joining the Indian company, he was president and CEO at Israel-based Enzymotec, which develops and manufactures nutritional ingredients and medical foods. He was earlier associated with another Israeli drug giant Teva.
“Since joining Dr Reddy’s… Erez has spearheaded the transformation agenda of the organization by ensuring a clear strategic focus and effective cost management, setting the foundation for sustainable performance and driving growth,” the company said. “His appointment as the CEO will help propel the organization's growth agenda forward.”
Prasad, the son-in-law of Dr Reddy’s founder K Anji Reddy, was appointed as CEO in 2013 after his father-in-law’s death. Prasad had joined the company in 1986. The founder’s son, K Satish Reddy, is the company’s chairman.
Founded in 1984, Dr Reddy’s makes active pharmaceutical ingredients, generic drugs, biosimilars and differentiated formulations. It also provides custom pharmaceutical services. Its therapeutic areas of focus include gastrointestinal, cardiovascular, diabetology, oncology and pain management.
Dr Reddy’s reported 8% jump in its revenue to Rs 15,385 crore in the year through March 2019. Its net profit rose 12.2% to Rs 1,880 crore during the year.
According to its annual report, revenue growth came from branded generics markets, especially in India, Russia, China, Brazil and Commonwealth of Independent States countries. “Other than improving the base business across these markets, we launched several new products and scaled up in new geographies like Brazil and Colombia,” it said.