Latest News | Dilip Shanghvi Resigns as MD of SPARC

New Delhi, May 25 (PTI) Sun Pharma Advanced Research Company (SPARC) on Tuesday said Dilip Shanghvi has resigned as managing director of the company.

Shanghvi expressed his desire to step down and tendered his resignation as the MD with immediate effect, which was accepted by the board, SPARC said in a regulatory filing.

Shanghvi will, however, continue to be associated with the company's board in his capacity as a non-executive director and chairman, it added.

It further stated that the board, on the recommendation of Nomination and Remuneration Committee, has appointed Anil Raghavan as chief executive officer (CEO) of the company with immediate effect for a term of five years till May 24, 2026.

Prior to joining SPARC, Raghavan served as the managing director of the India and Sri Lanka business of Quintiles, a global pharmaceutical services company.

SPARC was formed in 2007 through a demerger from drug major Sun Pharma.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)