Taro Appoints Dilip Shanghvi As Chairman, Kal Sundaram As CEO

(RTTNews) - Taro Pharmaceutical Industries Ltd. (TARO) said Thursday that Dilip Shanghvi has been appointed to the company's Board of Directors as its Chairman.

Taro also said that, effective August 1, James Kedrowski will be retiring as its Interim Chief Executive Officer, and that Kalyanasundaram Subramanian, known in industry circles as Kal Sundaram, has been appointed to serve as Chief Executive Officer of the company.

Kedrowski will continue to serve as a member of Taro's Board of Directors. Sundaram, while remaining on Taro's board, relinquished the position of Chairman in light of Israeli legal restrictions on simultaneously holding the chairman and CEO position of an Israeli public company. Taro's board addressed the issue by appointing Dilip Shanghvi as a director to fill the vacancy left by Aalok Shanghvi's resignation from the board and to serve the board as its Chairman, a position Dilip Shanghvi had previously held from September 2010 until his resignation from the board in April 2012. Sundaram became a member and Chairman of Taro's Board of Directors in April 2012. He was the Chief Executive Officer of Sun Pharmaceutical Industries Ltd. from April 2010 to April 2012. Sundaram has almost three decades of regional/global experience much of which has been in the pharmaceutical industry, largely with GlaxoSmithKline plc (GSK, GSK.L).