Talking to CNBC-TV18 about his retirement plans, YK Hamied, CMD, Cipla says, "We now have built up a very strong senior management team and time has come to let the youngsters' takeover, and we act like godfathers and keep an eye over things."
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He further adds,"I am a scientist, so I will be involved in the research and development of the company. In that role, I will continue and guide the company."
Below is edited transcript of his interview on CNBC-TV18
Q: It has taken everyone a bit by surprise can you just give us a sense on why exactly have you decided to step down as Joint MD first?
A: I am now 75 years of age and we now have built up a very strong senior management team. On February 1, Subhanu Saxena has joined us as the CEO. We have a gentlemen who is looking after the USA, we have a very strong team in Europe, we have people all over the place. We also have Kamil Hamied, my nephew with seven years experience in Cipla. We have Samina Vaziralli whose been with Cipla for the last three to four years all inducted in the company and in senior core managerial roles in the company and are guiding the company.
So, the time has come for some of us to let the youngsters' takeover and we act like godfathers and keep an eye over things. I have stepped down as managing director but I continue as chairman of the company in a non executive role.
Q: Will there be any sort of change in terms of how exactly you led the company before as an MD and now that will be a non executive director? Will there be a change in terms of your duties and roles?
A: Even when I led the company as MD I was not responsible for the day to day operations of the company. I am a scientist as well, so I have been very much involved in the research and development of the company, in new product innovations, pipeline of the company, etc. In that role I will certainly continue and guide the company.
Q: We understand that MK Hamied will be the single MD for sometime to come. Will you'll be exploring another position for a joint MD or will he continue as a single MD and how long does MK Hamied have with regards to possibly retiring then because we do understand he too might be coming close to the age of 75?
A: These are all plans in the making and perhaps in another year or so he will be taking on a role similar to mine and we let the young brigade led by our new CEO to look after the company and take it to greater heights. Cipla today is a globally recognised name and is well known for its range of products, quality, reliability, etc and also above all for its social consciousness. We have done a lot in AIDS, malaria, respiratory disease and in last few months we have done a lot of work in anti-cancer drug. We have reduced the prices in both India and abroad. So, we have taken a very humanitarian approach to healthcare. I am not saying that we don't have a role to play for our shareholders, we do, but if you are in the healthcare business you have to have a balance between business per se and humanitarian approach as you are saving human lives.
Q: You referred to Kamil Hamied your nephew, will that be the next management change that we see coming onboard or do you think that it is going to be something more objective or someone from the outside for example Saxena who will possibly be leading the company?
A: No doubt, Saxena will be the CEO and he will have a managerial team under him. The younger generation has a lot to learn from Saxena in the next 5-15 years, now we have a very strong team which we did not have in the past. I hope and pray that this team will lead Cipla to greater heights in the future.
Q: What are your plans going forward and what do you see spending more time doing?
A: I can't answer that right now, it can be asked when I am reviewing the next quarter results, then I will have three or four months to see where we are going ahead.
Q: Who will lead the US team in particular?
A: Tim Crew in the US, Frank Pieters in Europe. In Mumbai, Chandru Chawla, Nikhil Lalwani, Sanjay Bhanushali, Kamil Hamied, Samina Hamied and Radhakrishnan, director, Cipla. We are also evaluating many investment opportunities in China, Turkey, Brazil, Japan, etc.
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