Turing Pharmaceuticals CEO Is Arrested
Privately owned biopharmaceutical company Turing Pharmaceuticals saw its controversial CEO, Martin Shkreli, arrested in dramatic fashion last week on charges of securities fraud. US prosecutors say Shkreli was running a Ponzi-like scheme involving paying off angry investors from his previous companies with assets from subsequent companies he set up. Shkreli, who subsequently resigned from Turing, was also fired from KaloBios Pharmaceuticals after a one-month stint as its CEO. Since his arrest, the 32-year-old pharma executive has taken to social media to proclaim his innocence and threaten his accusers with lawsuits. The fraud arrest comes on the heels of another Shkreli controversy involving Turing’s acquisition of Daraprim, a drug used to treat toxoplasmosis in HIV and cancer patients, and Shkreli’s ensuing (and very unpopular) increase of the drug’s price per pill from $13.50 to $750. Last week’s arrest is unrelated to the price hike but sent Shkreli’s notoriety skyrocketing like the price of Daraprim. Ron Tilles succeeded Shkreli at Turing on an interim basis.
Wal-Mart Stores Buys into Tony Rogers, Names Him CMO
Retail giant Wal-Mart Stores promoted its China chief marketing officer to the same position in its US market. Tony Rogers — a 10-year Wal-Mart veteran — will succeed former US CMO Stephen Quinn. Prior to Wal-Mart, Rogers held marketing positions at PepsiCo. The move is part of a revamp of Wal-Mart’s larger marketing effort to appeal to higher-income consumers. Recently the retailer hired former Target executive Michael Francis as a marketing consultant. Target, one of Wal-Mart’s primary competitors, has historically been more successful than Wal-Mart at attracting higher-income shoppers to its stores.
After a Four-Month Journey, Winnebago Hires Permanent CEO
Following an extensive search, recreational vehicle manufacturer Winnebago Industries announced it hired former Toro Company executive Michael Happe as its new CEO, effective January 18th. Happe spent 19 years at the lawn care manufacturer, most recently as a company executive and group VP of its residential and contractor businesses. He replaces former Winnebago president and CEO Randy Potts, who retired in August after 23 years with the company. Former chairman and CEO Robert Olson and current chairman Larry Erickson took turns filling in as interim prior to Happe’s hiring.
Look for more Executives on the Move next week!