Taro appoints new chairman, CEO

HAWTHORNE, N.Y. — Taro Pharmaceutical Industries has appointed Dilip Shanghvi as chairman, the Israeli generic drug maker said Thursday.

Taro said James Kedrowski would retire as interim CEO effective Aug. 1, to be replaced by Kalyanasundaram "Kal" Subramanian. Kedrowski will continue to serve as a member of the drug maker's board. Sundaram relinquished his position as chairman to comply with Israeli laws that prohibit a person from simultaneously holding the positions of chairman and CEO; he had served as chairman since April 2012.

"I am looking forward to moving on to semi-retirement and having the opportunity to spend more time with my family," Kedrowski said. "Yet, I am very pleased with our team's efforts to execute our plans and deliver the improvements in performance Taro has captured over the past three years."