Fortis Healthcare Ltd on Thursday said Bhavdeep Singh, the Chief Executive Officer (CEO) of the company has resigned from his position citing personal and professional 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 said in a BSE filing.
He is not the only top executive to resign from the company in recent times. Earlier on August 30, the company’s Chief Financial Officer (CFO) Gagandeep Singh Bedi had resigned citing personal reasons.
Singh served as the company’s CEO for three and a half years.
“After two very challenging years, the company is now on a stable platform and can look forward to the future with optimism. 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,” Singh said in a statement from Fortis.
“With that said, I am very pleased that business recovery is well underway with solid improvement demonstrated during Q2 and with October results reflecting the best performance we have had in the past 12 months,” Singh added.
In July, Fortis board unanimously accepted an offer from IHH Healthcare Berhad of Malaysia to invest as much as Rs 7,300 crore in it. As per the deal, IHH will acquire up to 57% stake in Fortis.
For Bhavdeep Singh, this was his second stint as the Fortis CEO. He was the company’s CEO from 2009 to 2011, he then quit the company to join Ahold, a Netherlands-based retailer.
Later, he was again appointed as the CEO of the company in July 2015, taking over the position left vacant when Aditya Vij had resigned in November 2014.