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vijay-mallya_650x400_41461208788 (1)Beleaguered tycoon Vijaya Mallya resigned as chairman of Bayer CropScience Ltd, the Indian subsidiary of the German pharma major Bayer AG, the company said on Tuesday.

“We regretfully accept the voluntary resignation of Vijay Mallya as our director and chairman with effect from June 30, 2016,” Bayer CropScience said in a statement here.

A new chairman will be appointed at its next board meeting, it added.

Thanking Mallya for his valuable service, the pharma arm and its promoter (Bayer AG) said it had grown into a market leader during his tenure since March 2004.

“We are grateful to Mallya for his professionalism, dedication and loyalty,” the statement added.

As a global enterprise with core competencies in life sciences fields of health care and agriculture, Bayer’s products and services are designed to benefit people and improve their quality of life.

In fiscal 2015, the global firm employed about 117,000 people and had sales of euro 46 billion.

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