Oct 27 (Reuters) - Organon said on Monday CEO
Kevin Ali will resign from his role, after an internal
investigation into sales of its Nexplanon contraceptive implant
to wholesalers pointed to "improper" practices.
An audit committee found certain U.S. wholesalers were
asked to purchase more Nexplanon than needed at the end of
several quarters between 2022 and 2025.
"While the findings to date do not necessitate a
restatement or revision to any previously issued financial
statements, the company is taking remedial actions to improve
its financial controls and address any material weaknesses," it
said in a statement.
Ali will be replaced by Joseph Morrissey, currently
executive vice president and head of manufacturing and supply,
as CEO on an interim basis effective immediately.
The former chief executive has agreed he will not be
entitled to severance or equity-related retirement benefits in
connection with his resignation.