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After Martin Shkreli exit, Turing plans job cuts and CEO search

Turing Pharmaceuticals said Tuesday that it will cut staff and start a search for a new chief executive after CEO Martin Shkreli resigned the position while facing federal charges of securities fraud and conspiracy.

Turing and Shkreli faced scrutiny after buying a drug called Daraprim that is used for rare conditions that can affect HIV/AIDS and cancer patients and increasing the price more than 5,000%.

After Shkreli was arrested on allegations involving a different company last week, Turing appointed Ron Tilles as interim CEO, describing his experience as including "numerous private equity and venture capital positions in the pharmaceutical and medical device industries over the last 20 years."

Fortune called that description into question, and Turing changed its language in Tuesday's release, saying Tilles "has invested in numerous startups in the pharmaceutical, medical device and enterprise software industries over the past 20 years."

Turing was not specific in how many positions would be cut, and did not say if an outside search firm would be hired to help find a CEO, but does plan to expand its board to include new, independent directors.

Published: Dec 22, 2015

By JEREMY C. OWENS, TECHNOLOGY EDITOR

Source: http://www.marketwatch.com/

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