Taro Pharmaceutical Industries Ltd. (NYSE: TARO) (“Taro” or the “Company”) announced today that Mr. Dilip Shanghvi has been appointed to Taro’s Board of Directors as its Chairman. Taro also announced that, effective August 1, 2013, Mr. James Kedrowski will be retiring as its Interim Chief Executive Officer, and that Mr. Kalyanasundaram Subramanian, known in industry circles as Kal Sundaram, has been appointed to serve as Chief Executive Officer of the Company. Mr. Kedrowski will continue to serve as a member of Taro’s Board of Directors.
Mr. 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 this matter today by appointing Mr. Dilip Shanghvi as a director to fill the vacancy left by Mr. Aalok Shanghvi’s resignation from the board and to serve the board as its Chairman, a position Mr. Dilip Shanghvi had previously held from September 2010 until his resignation from the board in April 2012.
“I am looking forward to moving on to semi-retirement and having the opportunity to spend more time with my family,” said Mr. Kedrowski. “Yet, I am very pleased with our team’s efforts to execute our plans and deliver the improvements in performance Taro has captured over the past three years. The support I’ve received from the Board of Directors, the executive management team, our customers and our employees has been tremendous and for which I am grateful. I am confident that Taro is well positioned for the future, and I look forward to being a key participant in that process through my service on Taro’s board.”
Mr. Dilip Shanghvi, Taro’s new Chairman stated, “Jim Kedrowski has played a key role in helping Taro attain its goals. Since Jim’s taking the helm of Taro in 2010, Taro has seen significant growth in revenues and profits. We are pleased that we will continue to benefit from his presence on Taro’s Board.” Mr. Shanghvi continued, “We also look forward to Taro’s future under the proven leadership Kal Sundaram has brought to the organization.”