Fortis Healthcare Chief Executive Bhavdeep Singh reigns from his post

Fortis Healthcare Chief Executive Bhavdeep Singh reigns from his post

On Thursday, Chief Executive of Fortis Healthcare Bhavdeep Singh has stepped down from his post. Fortis board-of-directors has considered and accepted his resignation. Fortis is the second largest hospital chain of India in a stock-exchange filing.

It continued that “at the request of the board, Singh has agreed to continue in his current capacity till such time his succession planning is crystallized.”

Fortis said that Mr. Singh had led the company for three and half years, including the time of last 2-years when Fortis went through a time of high-turbulence.

The resignation followed a present exit by another top executive of Fortis. On 3oth August, Fortis’ Chief Financial Officer Gangandeep Singh Bedi has resigned referred to some of their personal reasons.

A large amount if a net loss was reported by Fortis Healthcare at the quarter ended September because of impairment of “goodwill and investments.”

In the period of net loss, the under review has increased to Rs. 142 crore from a loss of Rs. 23.61 crore, corresponded to previous financial years.

In last year’s July, its board had collectively accepted a binding offer from IHH HealthCare Berhad of Malaysia, which has invested Rs. 4,000 crore in it by a preferential allotment of Rs. 170 per share.

by Chandrani Sarkar on November 8, 2018

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