Fortis Healthcare CEO resigns

The board of directors at Fortis has considered and accepted his resignation, the country’s second-largest hospital chain said in a stock-exchange filing. “At the request of the board, Singh has agreed to continue in his current capacity till such time his succession planning is crystallised,” it said.

Fortis said Singh led the company for the past three and a half years including during the past two years when the company went through a period of high turbulence. The resignation follows a recent exit by another top executive. On August 30, the company’s Chief Financial Officer (CFO) Gagandeep Singh Bedi had resigned citing personal reasons.

Fortis Healthcare had reported a larger net loss during the quarter ended September due to impairment of “goodwill and investments”.

Its net loss for the period under review increased to Rs 142 crore from a net loss of Rs 23.61 crore in the corresponding period of the previous fiscal.

In July 2017, its board had unanimously accepted a binding offer from IHH Healthcare Berhad of Malaysia to invest Rs 4,000 crore in it by way of preferential allotment at Rs 170 per share.