Dr. Reddy's Laboratories today announced a change in the makeup of its senior leadership team.

Following a 15-year career with the company, Abhijit Mukherjee, Chief Operating Officer, will retire on March 31, 2018.

Mukherjee will be succeeded by Erez Israeli, former President & CEO of Enzymotec. Israeli will join Dr. Reddy's on April 2, 2018, as Chief Operating Officer and Global Head of Generics & PSAI, based out of Hyderabad. He will report to Dr. Reddy's Co-Chairman & CEO, G.V. Prasad.

In a career spanning over 25 years, Israeli has held leadership positions that have contributed significantly to the performance of companies he worked for. Prior to Enzymotec, he completed 23 years with Teva Pharmaceuticals Limited, where he held several positions of responsibility including Vice President Marketing & Sales for North America, Vice President Asia Operations, President Teva API, Group Executive Vice President, Head of Global Quality, and President & CEO Growth Markets.

Speaking about the transition, G.V. Prasad said, "I would like to thank Abhijit for his valuable contribution to our company's growth journey over the past fifteen years. I extend a warm welcome to Erez Israeli. Erez is an accomplished leader with a proven track record of achievement. His knowledge and experience from leading pharmaceutical businesses of scale will be valuable for our future growth."

Shares of the company declined Rs 19.7, or 0.94%, to settle at  Rs 2,082.45.  The total volume of shares traded  was  18,522 at the BSE (Wednesday).