Apollo Hospitals Promotes Reddy Sisters

Apollo Hospitals Enterprises Ltd (AHEL), which runs a chain of hospitals, clinics and pharmacies, has restructured its management. It has re-designated Preetha Reddy and Shobhana Kamineni, daughters of Apollo promoter Prathap Reddy, as executive vice-chairpersons with immediate effect.

The company has also re-designated the other two Reddy sisters - Suneeta and Sangita - as managing director and joint managing director, respectively. The decision was taken during a meeting of the board of directors of the company, AHEL said.

Preetha Reddy, who is currently the managing director, has been elevated as the executive vice-chairperson for the remaining period of her tenure (till February 2, 2016). Suneeta Reddy, who is currently the joint managing director, has been re-designated as managing director. Her tenure, too, is up to February 02, 2016.

Shobana Kamineni, executive director - special initiatives, has been re-designated as executive vice-chairperson for the remaining period of her tenure (till January 31, 2015). The board has also approved her re-appointment as executive vice-chairperson for a period of five years with effect from February 01, 2015.

The reorganisation is in line with Apollo's succession plan.

However there will be no change in their remunerations. The Reddy sisters get an annual remuneration of Rs 5.25 crore each and their father Prathap Reddy, chairman of the group, earns Rs 15.63 crore annually.

Prathap Reddy said in a statement, "As the healthcare landscape in the country and the region changes and expands, this strategic realignment, we believe, will enable Apollo to focus on growth opportunities in hospitals, pharmacies, clinics and health insurance while furthering its clinical leadership and service excellence. We aim to deepen our focus in each of these verticals as well as drive synergies between them using technology and an ecosystem focused on wellness, innovation and productivity."