GV Prasad to steer Dr Reddy's Labs

Hyderabad: In a smooth succession plan, G V Prasad has been appointed as new Chairman of Dr Reddy's Laboratories Limited. The appointment was necessitated by demise of the pharma major's founding Chairman Dr K Anji Reddy on March 15. Prasad, son-in-law of the late founder, was vice chairman and CEO of the company before the elevation. K Satish Reddy, son of Dr Anji Reddy, is the new vice chairman. "Based on the recommendations of the nomination, governance and compensation committee, the Board of Directors have appointed GV Prasad, presently vice-chairman and CEO as the 'Chairman and CEO' and Satish Reddy as 'vice-chairman' in addition to his present role of Managing Director and COO, effective from 30 March, 2013," Dr Reddy's said in a statement. All other terms and conditions of their respective appointments like remuneration, tenure, etc., as approved by the shareholders at their general meetings remains the same, it added. A Chemical Engineer from the Illinois Institute of Technology in Chicago, Prasad is the architect of the company's successful global generics and API strategies. He has spearheaded Dr Reddy's foray into biosimilars and differentiated formulations. Prasad, who also holds a Master's degree in Industrial Administration from the US-based Purdue University, has led the core team. His efforts have led the company to a leadership position in the Indian pharmaceutical sector and helped create a significant presence globally. Besides holding various leadership roles in Dr Reddy's, he also serves on the boards of ISB, ILS, Infotech Enterprises and Acumen Fund.