Glenmark Pharmaceuticals announced a key leadership reshuffle on Monday, April 7, appointing Anurag Mantri as president amid the early retirement of long-time CFO and Executive Director VS Mani.

Following the news, Glenmark’s stock slipped over 4% on the BSE from its previous close.

Mantri, a chartered accountant with over 30 years of experience, is set to succeed Mani as the next executive director and global CFO, pending board and committee approvals.

Mantru will join Glenmark from Jindal Stainless Limited, where he served as Executive Director & Group Chief Finance Officer since 2016. His expertise spans enterprise value creation, IPO management, global compliance, mergers and acquisitions, and corporate finance.

He has previously held significant roles at Larsen & Toubro, HCL Technologies, SRF Limited, Cairn Energy, ACME Group (Solar), and Schneider Electric Infrastructure Limited (SEIL). Mantri holds a Bachelor of Commerce degree from the University of Rajasthan.

Mantri’s appointment is seen as part of a broader succession plan to bolster Glenmark’s senior management.

Mani, who served Glenmark for eight years, will officially step down on May 26, 2025, but will remain with the company for a smooth handover.

Mani, in his resignation letter, expressed his gratitude for his eight-year tenure with Glenmark and the support he received from chairman and managing director Glenn Saldanha, the board, and his colleagues. He cited his crossing of 60 years of age as a factor in his decision to retire.

The company lauded Mani’s contributions and expressed confidence in Mantri’s ability to drive growth in the coming years.

The leadership transition comes amid efforts to strengthen governance and operational efficiency, though investor sentiment appeared cautious, as reflected in the dip in share price.