Daiichi Sankyo Replaces Head of Its Ranbaxy Unit

Japanese drugmaker Daiichi Sankyo said Malvinder Singh, chairman and CEO of its Indian unit Ranbaxy Laboratories, had resigned and named ­replacements for him. On May 12, Japan's third-biggest drugmaker forecast its full-year profit would be well below expectations, blaming losses at Ranbaxy and saying it planned to get actively involved in resolving its unit's problems. Non-executive director Tsutomu Une was named chairman while Atul Sobti, Ranbaxy's COO, was promoted to chief executive and managing director. Malvinder Singh's exit came within a year of selling the company his grandfather began building half a century ago.