Many Indian businessmen inherited the business from their families and successfully led it for several years. However, as they grow older, they hand over the reign to the next generation. One such person is MK Hamied, who has resigned as Vice Chairman of Cipla with effect from October 29 due to age and health.
Cipla is a pharma company with a market cap of Rs 134000 crore. "It is with a heavy heart that I write to formally announce my resignation from the position of Vice Chairman and Non-Executive Director of the company," he said in a letter to the board of directors. The company has also approved the appointment of Kamil Hamied, son of MK Hamied, as Non-Executive Director, with effect November 1, 2024.
Who is MK Hamied?
He represents the second generation of Cipla’s founding family. He is a science graduate from Bombay University. He retired as Executive Vice-Chairman of the Company on 31st March 2014 but continued as the Non-Executive Vice-Chairman. According to Forbes, the 83-year-old has a real-time net worth of Rs 12597 crore.
The billionaire has vast and varied experience in all functions of Cipla including production, technical areas, quality management and general administration. Cipla was founded in 1935 by his father Khwaja Abdul Hamied. After the patriarch passed away in 1972, MK Hamied and his older brother Yusuf Hamied, also a billionaire, inherited the business.
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