Welcome to this week's Chutes and Ladders, our roundup of hirings and retirings throughout the industry. Please send the good word--or the bad--from your shop to Eric Sagonowsky (email) or Amirah Al Idrus (email | Twitter), and we will feature it here at the end of each week.
Insys CEO Michael Babich steps down |
|||||||||||||||||||
Insys ($INSY) announced the resignation of its CEO, Michael Babich, and other executive changes this week, offering no explanations in a brief press release. Babich will be replaced by the company's chairman and founder, John Kapoor, effective immediately, while Daniel Brennan has been appointed executive vice president and COO. The move came the same week as a CNBC report outlining a slate of allegations against the company including fraud, kickbacks and aggressive marketing. According to CNBC's sources, Insys' sales staff were pressured--and even threatened with firing--in order to get doctors to prescribe the addictive pain med Subsys for off-label uses such as neck pain and migraines; the med is meant for late-stage cancer pain. The company has been under investigation over its Subsys sales and marketing. Story | More | Release
|