In Short:
Cipla’s Vice Chairman MK Hamied has resigned for health reasons, effective October 29, 2024. His son, Kamil Hamied, will return as a Non-Executive Director starting November 1, 2024. MK’s daughter, Samina, previously stepped down due to personal commitments. Despite rumors of a family stake sale, Cipla’s leadership insists there’s no intention to sell, focusing on continuity and professionalizing the company.
The Next Chapter for Cipla
In a significant leadership shuffle, **Cipla** is about to embark on a new journey. **MK Hamied** has announced his resignation as Vice Chairman and Non-Executive Director of the company, paving the way for his son, **Kamil Hamied**, to make a comeback.
Resignation with Regret
In a heartfelt letter, **MK Hamied**, the brother of Cipla’s esteemed figure, **Dr. YK Hamied**, shared, “It is with a heavy heart that I write to formally announce my resignation…due to age and health.” His departure is officially set for **October 29, 2024**, while **Kamil** will step into the role of Non-Executive Director starting from **November 1, 2024**.
Family Transitions
This shift comes on the heels of **Samina Hamied**, MK’s daughter, stepping down as Cipla’s executive vice-chairperson, citing “personal and family commitments” effective **March 31, 2024**. It’s notable that Kamil, Samina’s brother, had previously left Cipla in **2015**.
- Also read: Cipla expects to commence supplies to the US from China plant later this year
Speculations and Reassurances
Interestingly, this news comes amidst earlier reports that indicated members of the promoter family might be considering selling their stake in Cipla. However, **Dr. Hamied** had reassured shareholders, calling those reports speculative. In a recent interview, **Umang Vohra**, Cipla’s Managing Director and Global Chief Executive, emphasized that the company has “completely professionalised” over the past decade. He noted, “The reality of Cipla as it is today is that the two people who fundamentally groomed the business are today 88 and 84 years. They have no intention to sell the business.”
Continuity at Cipla
Speaking on Kamil’s return, the company highlighted, “In his previous stint at Cipla, Kamil was the Chief Strategy Officer and a member of the management team. He played a key role in leading company transformation, mergers and acquisitions strategy, and establishing a solid leadership structure.”
Reflecting on his long journey of **47 years** at Cipla, MK remarked in his letter, “I am pleased to see that Kamil Hamied will be joining the Board to maintain continuity while representing the promoter family.” He regarded his brother, **Dr. YK Hamied**, as “the guiding light of Cipla,” stating how instrumental he has been in making his journey at Cipla one of the most fulfilling experiences of his life.
- Also read: Cipla management outlines new focus areas for the future
