Fortis Healthcare CEO Bhavdeep Singh quits

At the request of the board, Singh has agreed to continue in his current capacity till such time his succession planning is crystallised.

Published: 08th November 2018 07:57 PM  |   Last Updated: 08th November 2018 07:57 PM   |  A+A-

Fortis

A Fortis hospital building in Gurgaon. (File photo | Reuters)

By PTI

NEW DELHI: Fortis Healthcare said Thursday its CEO Bhavdeep Singh has resigned but will continue in his current capacity till a successor is found.

Singh has resigned from his position by communication dated November 8, 2018.

The Board of Directors of the company has considered and accepted his resignation, Fortis Healthcare said in a regulatory filing.

"At the request of the board, Singh has agreed to continue in his current capacity till such time his succession planning is crystallised," the filing added.

The development comes nearly four months after the crisis-hit healthcare chain was acquired by Malaysia's IHH Healthcare, which agreed to invest Rs 4,000 crore in it by way of preferential allotment of shares.

Singh has steered the organisation over the past three and a half years.

The company said its board has expressed ''deep appreciation'' for Singh's leadership "in particular, during the past two years of high turbulence, his tenacity and perseverance have been instrumental in keeping the organisation steady through a very challenging period in the company's history".

In July this year, IHH Healthcare won the race to take control of cash-strapped Fortis beating rivals TPG-Manipal consortium in final round of bidding.

Other suitors, Munjals-Burmans combines, which had earlier become the preferred bidder, and Radiant Life Care had backed out of the final round.

Stay up to date on all the latest Business news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

facebook twitter whatsapp