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Amneal Pharmaceuticals on Tuesday announced co-Founders Chirag Patel and Chintu Patel have been named co-chief executive officers, effective immediately. And, Paul Meister has been appointed to the board of directors as chairman.

Paul Bisaro and Rob Stewart have resigned as executive chairman, and president and chief executive officer, respectively, and have stepped down from the board. Stewart will serve as an advisor to the company through a transition period, Amneal said.

“The board believes there are no better executives to help Amneal return to growth and maximize shareholder value than the operators who built it,” said Ted Nark, an independent director of the board. “Recent industry headwinds and increased competition continue to put pressure on the company. In order to succeed in today’s environment, Amneal must move decisively and prioritize its key strategic initiatives that will drive value for our shareholders.

“Chirag and Chintu possess both the leadership skills and the requisite strategic, operational, manufacturing and R&D expertise to execute on these efforts,” he added.

The leadership changes at Bridgewater-based Amneal come less than a month after the company unveiled a $50 million cost-savings plan that calls for closing its Hauppauge factory next year and another in East Hanover.

“As founders of the company, we built this business from the ground up. While we recognize the challenges ahead of us, we are excited by the opportunity to lead Amneal in its next phase of growth,” Chirag Patel said. “Our priorities today include: revitalizing the Generics platform, including injectables; continuing to grow the Specialty franchise; rationalizing costs to expand margins; and improving cash flow. Taken together, this strategy is designed to position Amneal to successfully execute on business development and M&A opportunities.”