Cipla on Tuesday said M.K. Hamied has stepped down as the vice-chairman and non-executive director of the company, citing ‘age and health issues’.

His son Kamil Hamied (who is the nephew of non-executive chairman Y.K. Hamied) will join the board as non-executive director with effect from November 1, 2024.

In a regulatory filing to the stock exchanges, the pharmaceutical giant said that Mustafa Khwaja Hamied had informed through a letter on Tuesday that he has resigned from the position of vice-chairman and non-executive director. This will be effective from the close of business hours of October 29. Hamied in his letter said he is resigning due to age and health.

“These past 47 years at Cipla have been truly a remarkable chapter in my life. Over the decades, I have seen the company grow and evolve in ways I am immensely proud of. I have had the good fortune of working with several key employees and board members, and especially with Y.K. Hamied, who has been the guiding light of Cipla. He has greatly contributed towards making my journey at Cipla one of the most rewarding experiences of my life,’’ he said in the letter.

“I would like to acknowledge Samina’s contribution in transforming the company into a professionally managed organisation and I am pleased to see that Kamil Hamied will be joining the board to maintain continuity while representing the promoter family,’’ Hamied added.

Samina Hamied is the daughter of M.K. Hamied.

In July, Cipla had said that she has resigned from the board with effect from October 2024 due to “personal and family commitments”.

There have been reports that the promoters are looking to sell either their entire or partial stake in the company. At present, the promoters hold close to 31 per cent stake, which according to the current market prices is valued at around ₹41,247 crore.

The Cipla board has approved the appointment of Adil Zainulbhai and Abhijit Joshi as additional directors (non-executive) with effect from Tuesday.

Zainulbhai retired as chairman of McKinsey, India, after a 34-year career with the firm, including leadership roles in its Washington and Minneapolis offices. He has been a director on the boards of firms such as L&T, RIL and is the chairman on the boards of Network 18 Media and TV18 Broadcast Ltd.

Joshi is the founding and managing partner of Veritas Legal and has over 35 years of experience in the field of corporate and commercial law.