Date: 2014-11-24
Type of information: Resignation
Compound:
Company: Lundbeck (Denmark)
Therapeutic area:
Type agreement: resignation
Action mechanism:
Disease:
Details: * On November 24, 2014, Lundbeck has announced that President and CEO Ulf Wiinberg at his own request has resigned with immediate effect. Ulf Wiinberg\'s resignation is due to the fact that, in 2013, Ulf Wiinberg omitted to request and obtain prior approval from Lundbeck\'s Board of Directors to receive shares in the biotech company Stratified Medical Ltd. from the company\'s founder. This is a breach of Lundbeck\'s Code of Conduct, which sets the rules for the conduct of management and employees. It is an aggravating circumstance that the shares in question were in a company in which Lundbeck later invested around DKK 19 million. Ulf Wiinberg has informed, acknowledged and apologized to the Chairman of the Board of Directors, Håkan Björklund, for this error which the Board of Directors considers a serious breach of Lundbeck\'s Code of Conduct. As a consequence, Ulf Wiinberg has informed the Board of Directors of his wish to resign from his position. The Board of Directors appreciates Ulf Wiinberg\'s decision and, as matters stand, finds it appropriate.
A search for Ulf Wiinberg\'s replacement will be initiated immediately. Until this process has been completed, the Chairman of the Board of Directors, Håkan Björklund, will be Chairman with extended operational responsibilities and will in this role act as day-to-day leader of the company.
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