Alok Sonig, the CEO of developed markets at Dr Reddy’s Laboratories, has quit barely five months after he was promoted to the role. Sonig’s unexpected departure is seen as a setback for Dr Reddy’s, with peers describing him as a man for all seasons. Sonig handled challenging roles during his six-year tenure at the company founded and named after scientist-entrepreneur late K Anji Reddy.
“We confirm that Alok Sonig, CEO – Developed Markets, will be leaving the organisation, effective September 7, 2018,” a Dr Reddy’s spokesperson said in a statement. “The company appreciates his contributions over the past six years and wishes him success in his future endeavours.” Sonig’s exit comes at a critical time, as Dr Reddy’s, much in line with its Indian peers, focuses on a band of specialty and proprietary drugs in the US.
Meanwhile, news reports suggest Dr Reddy’s recently trimmed staff across departments. Sources told ET the move resulted in 75 to 80 job losses.