SME Times News Bureau | 05 Dec, 2018
Pharmaceutical major Novartis India on Wednesday said its Vice Chairman
and Managing Director Milan Paleja will step down from the post on May
31, 2019.
The company said in a regulatory filing to the BSE that
Paleja has decided to relinquish current standing in the company "for
embracing challenges outside of Novartis".
"The Board requested
the Nomination and Remuneration Committee to identify and recommend a
suitable successor for the role of Managing Director of the company," it
said.
Shares of Novartis India on Wednesday settled at Rs 741.65
apiece on the BSE, higher Rs 51.10 or 7.40 per cent from the previous
close.