A Fortis Healthcare India Ltd. Renkare dialysis clinic stands in New Delhi, India (Photographer: Prashanth Vishwanathan/Bloomberg)

Fortis Healthcare CEO Bhavdeep Singh Quits

Fortis Healthcare Ltd. said on Thursday its Chief Executive Officer Bhavdeep Singh has resigned but will continue in his current capacity till a successor is found.

Singh has resigned from his position by a communication dated Nov. 8, 2018, Fortis Healthcare said in a regulatory filing. The board of directors of the company has considered and accepted his resignation.

At the request of the board, according to the filing, Singh has agreed to continue in his current capacity till such time his succession planning is crystallised.

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-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".

IHH Healthcare won the race to take control of cash-strapped Fortis in July, beating rival TPG-Manipal consortium in the final round of bidding.

Also read: Fortis Shareholders Approve IHH’s Rs 4,000-Crore Offer