Turing Pharma seeks CEO to replace Shkreli, plans job cuts

NEW YORK] Turing Pharmaceuticals said on Tuesday it is seeking a new chief executive to replace Martin Shkreli, the price-gouging entrepreneur who is facing US charges of securities fraud, and will cut jobs in a restructuring.

The private Swiss-based company will also expand its board to include new, independent members, it added.

Shkreli, 32, resigned as CEO on Friday, a day after his arrest on charges that he had engaged in a Ponzi-like scheme. He pleaded not guilty and was released on US$5 million bail.

On Monday, KaloBios Pharmaceuticals said Shkreli was "terminated" as CEO and had resigned from the board.

Turing did not specify the number of job cuts in a statement. It could not be immediately reached for comment. "These staff changes put us in the best position to continue executing on our long-term plan," said Chairman and Interim Chief Executive Ron Tilles, who took over Shkreli's job on Friday.

Shkreli gained notoriety when, as Turing's CEO, he raised the price of a life saving drug overnight to US$750 from US$13.50.

REUTERS