Taro Pharmaceutical Industries Ltd. announced the appointment of Mr. Uday Baldota as Chief Executive Officer and as a nominee to Taro's Board of Directors. He is expected to begin his role as CEO on or about April 1, 2017, and will focus solely on the Taro business. Mr. Baldota currently serves as the Executive Vice President & Chief Financial Officer of Sun Pharmaceutical Industries Ltd., and is a member of Sun's global management team.

In addition to Mr. Baldota's nomination to the Taro Board, Mr. Abhay Gandhi, Kal Sundaram's successor as the CEO of Sun North America, is also being nominated to the Board and is expected to be proposed as Vice Chairman after the 2016 shareholder meeting. Prior to joining Sun North America, Abhay has held several leadership positions within the Sun organization, including most recently, CEO of Sun's India business. Due to Taro's regular rotation principle for external directors, Mr. Dan Biran and Ms. Ilana Avidov-Mor will be retiring from Taro's Board of Directors.

Two well-qualified candidates have been nominated to fill these vacancies – Mrs. Linda Benshoshan and Mr. Elli Streit. Mrs. Benshoshan has served on the board of several investment funds, banks and the Tel-Aviv Stock Exchange, and has been a lecturer at the College of Management in Israel since October 2009. Mr. Streit has over 30 years of multinational business experience and provides investment banking advisory services to companies primarily within the health care sector.

These nominations are also subject to the approval of Taro's shareholders at the annual shareholder meeting in December 2016.