Lundbeck CEO Resigns Due to Code of Conduct Breach
Ulf Wiinberg has resigned as Lundbeck's CEO over unapproved acceptance of shares in a biotech company.
H. Lundbeck A/S announced on Nov. 24 that Ulf Wiinberg, president and CEO, has resigned with immediate effect due to a breach of the company’s code of conduct. In 2013, Wiinberg received shares in the biotech company Stratified Medical Ltd. from the company's founder, but did not request or obtain prior approval from Lundbeck's board of directors. Lundbeck later invested approximately DKK 19 million in Stratified Medical.
This action was a breach of Lundbeck's code of conduct, which sets the rules for the conduct of management and employees, the company reports in a statement. Wiinberg has informed, acknowledged, and apologized to the Chairman of the board of directors, Håkan Björklund, for this error and has informed the Board of Directors of his wish to resign from his position, the company reports in statement.
"The Board acknowledges Ulf Wiinberg's considerable contributions since his appointment in 2008. Ulf Wiinberg has not only acknowledged but also apologized for his erroneous actions, but this does not change the fact that Lundbeck has a clear and unmistakable Code of Conduct for all employees. We cannot operate with degrees of compliance with our Code of Conduct and the Board of Directors therefore concurs with Ulf Wiinberg's decision to resign," said Björklund in a statement.
"I am sincerely sorry for the course of events, which on my part was unintentional, and of which I myself informed Håkan Björklund. I am extremely happy about my time at Lundbeck and I am proud of having taken part in the development and strengthening of the company. However, based on these events, I have found it in both parties' best interests that I resign from my position today," sads Wiinberg in a company press announcement.
Lundbeck reports that a search for Wiinberg's replacement will be initiated immediately. In the interim, Björklund will serve as day-to-day leader of the company.
Björklund has more than 30 years of experience from the pharmaceutical industry and was president and CEO of Nycomed from 1999 to 2011. He has been on Lundbeck's Board of Directors since 2011
Source: H. Lundbeck A/S
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