Biocon Ltd. said on Friday that its board approved the exit of Chief Executive Officer and Managing Director Siddharth Mittal and named Shreehas Pradeep Tambe as his successor, effective April 1.
The company also approved a change in its finance leadership, with Interim Chief Financial Officer Mukesh Kamath stepping down and Kedar Narayan Upadhye set to take over from April 1, according to a statement to the exchanges. The announcement sent the drugmaker's shares falling by as much as 3% to Rs 368.20. The stock, however, recovering marginally to trade 2% lower.
The leadership changes come as the pharmaceutical company moves ahead with the integration of Biocon Biologics Ltd. and aligns key roles across the group.
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CEO Change
Mittal will step down from his role at the close of business hours on March 31 to transition into another leadership role within the Biocon Group, the statement said, adding that he will also cease to be key managerial personnel.
"This is to inform that I hereby step down from my role as the Managing Director and Chief Executive Officer of Biocon Limited, effective from the close of business hours on March 31, 2026, to transition into another leadership role within the Biocon Group," Mittal said in his resignation letter.
The board appointed Tambe, currently CEO and managing director of Biocon Biologics Ltd., as an additional director from April 1. He will serve as CEO and managing director for five years, subject to shareholder approval.
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CFO Change
Kamath will step down as interim chief financial officer at the close of business hours on March 31 to take up another role within the group.
The board appointed Upadhye, currently CFO of Biocon Biologics Ltd., as chief financial officer of Biocon with effect from April 1.
Other Changes
The company appointed Akhilesh Nand as head of governance, risk and compliance and designated him as key managerial personnel from April 1. Naveen Narayanan will take charge as chief human resources officer and Mandar Shrikant Ghatnekar as chief technology officer from April 1.
Seven executives, including Abhijit Zutshi, Manoj Kumar Pananchukunnath and Arun Kumar Gupta, will cease to be senior management personnel from March 31, the company said.
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