Salman F Rahman, Vice Chairman of Beximco Pharmaceuticals PLC and former private industry and investment adviser to former Prime Minister Sheikh Hasina, is set to step down from the company's board of directors amid the evolving national landscape.

Beximco Pharmaceuticals has formally notified the Bangladesh Securities and Exchange Commission (BSEC) regarding Rahman's decision to vacate his board position.

In a official communication to the BSEC, the pharmaceutical manufacturer stated that Rahman agreed to resign to protect the company's enterprise value and shareholder interests from the operational headwinds linked to his personal involvement in recent political developments. Rahman was arrested in August 2024 following the political transition and currently remains in judicial custody.

The BSEC has given green signal to a proposed board restructuring framework submitted by Beximco Pharma. The new 9-member board will comprise three sponsor-directors, four independent directors, one nominee director from IFIC Bank, and the Managing Director as an ex-officio member.

In addition to being listed on domestic stock exchanges, Beximco Pharma is traded on the Alternative Investment Market (AIM) of the London Stock Exchange (LSE). Overseas institutional investors have reportedly endorsed the decision to remove Rahman to preserve corporate governance and international market standing. While BSEC initially proposed placing a direct foreign shareholder representative on the reconstituted board, foreign investors declined, prompting the expansion of independent directorships instead.

Capital market analysts noted that while Beximco Pharma maintains strong fundamental performance in the pharmaceutical sector, Rahman’s continued board presence posed reputational risks. His exit is anticipated to reinforce corporate governance protocols and stabilize investor sentiment across regulatory and trading platforms.