Concordia CEO Thompson to Step Down at Specialty Pharma Companyby
Search process is under way for new chief executive officer
Thompson will also resign from the board of directors
Concordia International Corp. announced that its founder, Chairman and Chief Executive Officer Mark Thompson, will leave the specialty pharmaceutical company once a successor is named.
The company’s shares surged 19 percent to $4.75 at 2:40 p.m. in New York, after earlier trading as high as $5.55, the biggest gain since January 2014. The shares are down 85 percent in the past 12 months through Thursday.
A search process is already underway for new leadership, the Oakville, Ontario-based company said in a statement. No specific reason was given for Thompson’s departure from Concordia, which recently completed a $350 million debt offering. He and the board agreed that it was an “ideal time” for a change, said Jordan Kupinsky, the company’s lead independent director.
“This is an important juncture for Concordia,” Kupinsky said in the statement. “With a portfolio of more than 200 products, a platform for continued international expansion, a strong commercial footprint and opportunities for organic growth, we look forward to building on our past successes.”