Fortis Healthcare CEO Bhavdeep Singh quits

The Board of Directors of the company has considered and accepted his resignation, Fortis Healthcare said in a regulatory filing. (Reuters)

Fortis Healthcare said Thursday its CEO Bhavdeep Singh has resigned but will continue in his current capacity till a successor is found. Singh has resigned from his position by communication dated November 8, 2018. The Board of Directors of the company has considered and accepted his resignation, Fortis Healthcare said in a regulatory filing. “At the request of the board, Singh has agreed to continue in his current capacity till such time his succession planning is crystallised,” the filing added.

The development comes nearly four months after the crisis-hit healthcare chain was acquired by Malaysia’s IHH Healthcare, which agreed to invest Rs 4,000 crore in it by way of preferential allotment of shares. Singh has steered the organisation over the past three and a half years. The company said its board has expressed ”deep appreciation” for Singh’s leadership “in particular, during the past two years of high turbulence, his tenacity and perseverance have been instrumental in keeping the organisation steady through a very challenging period in the company’s history”.

In July this year, IHH Healthcare won the race to take control of cash-strapped Fortis beating rivals TPG-Manipal consortium in final round of bidding. Other suitors, Munjals-Burmans combines, which had earlier become the preferred bidder, and Radiant Life Care had backed out of the final round.