Gurgaon-headquartered Ranbaxy Labs has embarked on a widespread retrenchment of executives at senior and middle management levels, an exercise that may result in as many as 400 job cuts worldwide.
“On Thursday, some senior executives from the finance department at Ranbaxy were asked to leave. On Friday, some senior executives from the Research & Development wing were given marching orders,” an employee familiar with the job cuts told ET. Another executive said some officials from the API (active pharma ingredient) division have also been handed pink slips.
The job cutting exercise may continue for almost six months, these officials said.
On Friday, some senior executives from the Research & Development wing were given marching orders,” an employee familiar with the job cuts told ET.
“The people who are being asked to leave have been identified by the Boston Consulting Group, a global consultant the firm recruited to assess whether various verticals in the company are optimally staffed and suggest measures to improve overall productivity levels in the firm,” one of the officials quoted earlier added.
An email sent to the company remained unanswered till the time of going to the press.
“Three to four people are being called and asked to leave on a daily basis since last few days. No explanation is being forwarded on why they are being sacked. They are being given three months of salary,” another company executive confirmed.
He added that some of those who have lost their jobs were old hands at Ranbaxy. The company employs 14,600 world over, which comprise people of 50 nationalities, according to its 2012 annual report. It has operations in 43 countries, manufacturing facilities in eight countries and sells products in over 150 markets.