The chief executive officer and managing director of Sigma Pharmaceuticals Ltd, Elmo de Alwis, has resigned today. Alwis took this decision after the disappointing full year results by the generic drug maker.

Alwis was working with Sigma since past 33 years. Elmo de Alwis said that he had lost his enthusiasm for the challenge after the current full year loss.

"I'm very sad to be leaving but I think it's the best thing for the company at this time," said De Alwis. "The performance was disappointing, and no one was more disappointed than I was, it's something that I have to take responsibility for."

Sigma released its full year results on March 31 this year. The company has reported a loss of $A389 million for the fiscal 2009/10.

The company blamed the full year loss to a write down worth $A424 million in the value of goodwill from its 2005 merger with Arrow Pharmaceuticals.

Sigma has lost almost half of its market capitalization after announcing its full year results. The shares of Sigma have fallen 48% since March 31.

However, Sigma said that it had accepted the resignation of Mr. Alwis but he will continue his role as CEO until the company finds the replacement for him.