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Business
Profit drops and CEO moves at Ranbaxy
January 23, 2006
| A version of this story appeared in
Volume 84, Issue 4
Ranbaxy Laboratories has reported a 2005 net profit of $58 million, a 62% drop from a year ago. Sales reached $1.17 billion. The company blames the drop, its second consecutive annual profit decline, on weak pricing in the key U.S. market. Ranbaxy also announced that its CEO, Brian W. Tempest, has been replaced by Malvinder Mohan Singh, who had headed the company's pharmaceutical business. In a move billed as a promotion, Tempest is now chief mentor and executive vice chairman of Ranbaxy's board. Singh is the eldest son of Ranbaxy's late founder, Parvinder Singh.
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