The chief executive of drug maker Terapia Cluj Napoca, Stephen Stead, will relinquish his position after having reached an agreement with the new majority shareholder, the Indian company Ranbaxy, which will appoint a new chief executive in Cluj. "My job at Terapia is done, I turned the company into a profitable business and now Ranbaxy will appoint a new chief executive. It was a mutual agreement," Stead stated. He added he would leave the company in mid June, after the deal between Terapia and Ranbaxy had been finalised. "We are waiting for the approval from the Competition Council and then I will leave, probably in a few weeks," Stead said. As for his professional future, Stead said he had no clear proposition yet, but there were a number of opportunities on the market. "I would like to stay in Romania; I like the people, I like the country and I believe the Romanian market provides a lot of opportunities," Stead added. He explained he did not know who the new chief executive was going to be. Stephen Stead is 48 and was involved in the takeover of the 95% stake in Terapia by investment fund Advent International for 45 million dollars in 2003. He first arrived at Terapia as a member of the committee that negotiated the takeover of the company for Advent. At the end of March, Ranbaxy Laboratories, the largest generic drug producer in India, bought Terapia for 324 million dollars, in order to expand its operations on the European market. ZF
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