Dr. Reddy's Laboratories announces appointment of new Chief Financial Officer
Hyderabad, India, October 28, 2020— Dr. Reddy’s Laboratories Ltd. (BSE: 500124, NSE: DRREDDY, NYSE: RDY) today announced that Parag Agarwal will be joining the Company as Chief Financial Officer (Designate) on November 2, 2020. The Board of Directors at their meeting held today has approved his appointment as a Chief Financial Officer (KMP*) of the Company effective December 1, 2020.
In a career spanning over 33 years, Parag has held several leadership positions, contributing significantly to the financial performance of his organizations. With over 10 years of working experience in several countries outside India, he brings deep global experience in leading business & financial strategy, transforming finance function, as well as in M&A-strategy & execution. He has expertise in driving performance management of investments, financial result delivery, and driving operating margin improvement through revenue & cost optimization across the value chain.
Parag is a qualified Chartered Accountant and Company Secretary. He joins Dr. Reddy’s from Reckitt Benckiser PLC, where he was CFO-Health, based in London. Prior to his nine years stint at Reckitt, Parag was associated with organizations such as Unilever, GSK Consumer Healthcare & Genpact.
Saumen Chakraborty, President & CFO will retire effective December 1, 2020. In his 19+ years career at Dr. Reddy’s, Saumen has contributed significantly, leading functions such as HR, Global Generics Operations, Quality, Finance, Legal, and Digital & Process Excellence. Saumen will continue to be associated with the Company as an Advisor. He will also help Parag to transition effectively.
Commenting on his appointment, Parag Agarwal said, “Dr. Reddy’s is driven by its purpose, high governance standards, a robust strategy, and strong leadership. I am truly excited to join the organization in its transformation journey to create even more value for its customers and patients.” KMP* – Key Manageriel Personnel
