Sun Pharma Advanced Research Company (SPARC) on Tuesday said Dilip Shanghvi has resigned as managing director of the company.
Shanghvi expressed his desire to step down and tendered his resignation as the MD with immediate effect, which was accepted by the board, SPARC said in a regulatory filing.
Shanghvi will, however, continue to be associated with the company's board in his capacity as a non-executive director and chairman, it added.
It further stated that the board, on the recommendation of Nomination and Remuneration Committee, has appointed Anil Raghavan as chief executive officer (CEO) of the company with immediate effect for a term of five years till May 24, 2026.
Prior to joining SPARC, Raghavan served as the managing director of the India and Sri Lanka business of Quintiles, a global pharmaceutical services company.
SPARC was formed in 2007 through a demerger from drug major Sun Pharma.