Apollo Hospitals reveals succession plan, elevates 4 Reddy sisters

Apollo Hospitals’ chairman Prathap C Reddy unveiled the company’s succession plan in a BSE filing on Wednesday.

The company directors approved the elevation of his daughters to new designations within the group. According to the filing Preetha Reddy, currently the managing director, has been appointed as executive vice-chairperson with immediate effect upto 2 February, 2016.

Suneeta Reddy, currently joint MD, has been elevated to managing director with immediate effect for the remaining period of her tenure upto 2 February, 2016.

Shobana Kamineni, currently executive director, Special Initiatives, was re-designated as executive vice-chairperson with immediate effect up to 31 January, 2015. Kamineni’s office is due for renewal on 1 February, 2015.

The Board approved the re-appointment of Kamineni as executive vice-chairperson for a period of five years with effect from 1 February, 2015 subject to approval of members at the ensuing Annual General Meeting.

Sangita Reddy, currently executive director, Operations, was appointed as joint managing director with immediate effect upto 2 February, 2016.

The _Financial Express_states that Kamineni will oversee the pharmacy chain and planning and execution of new projects.

Suneeta’s new portfolio includes the company’s corporate finance, funding, investments, M&As and marketing.

Sangita Reddy will focus on technology initiatives and focus on Apollo’s health and lifestyle business,_FE_states.

In a s eparate interview to the _ Hindu BusinessLine ,_Preetha Reddy said, “The underlying message of this whole exercise is that all four (sisters) are equal, and we are reporting to the Chairman. It’s an equalising strategy. We have taken a lot of inputs from large corporates, and three consulting firms. As for the family constitution, it’s still work in progress.”

Vinayak Chatterjee was appointed as an additional director with effect from 2 July, 2014 to hold office as an independent director of the company.

According to the Hindu BusinessLine ,members of the Reddy family hold 14.78 percent of the company in their personal capacity control , while 19.5 percent of the total promoter holding of 34.5 percent is with PCR Investments, the corporate entity.