industry

Fortis Healthcare CEO Bhavdeep Singh quits


NEW DELHI: Fortis Healthcare Chief Executive Officer Bhavdeep Singh has resigned from his post for “professional and personal” reasons.

“At the request of the Board, Mr. Singh has agreed to continue in his current capacity till such time his succession planning is crystallised,” Fortis told the Bombay Stock Exchange.

“The reality is that the challenges at the company over the past couple of years has not allowed me to spend any time with my family and that is something I need to do now,” said Singh in a release.

“So, with the turbulence behind us, the business once again looking up, and with IHH poised to take over the reins at Fortis as a majority shareholder in the coming weeks, the time for me to transition is now.”

Singh served as the company’s CEO for three and a half years.

Following a long-drawn bidding process, IHH in July announced plans to acquire up to 57% stake in Fortis, India’s second largest hospital chain, in a deal valued close to $1 billion.

Part of cash-strapped Fortis’ conditions to choose a suitor for a deal was to ensure plans to retain current management and employees.

The deal received approval from the Competition Commission of India earlier this month.





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