LONDON, Nov 24 (APM) - Lundbeck said on Monday CEO Ulf Wiinberg has resigned with immediate effect after he breached the Danish group's code of conduct in a share trading deal last year.
It said in a statement his resignation is due his failure to request in 2013 and obtain prior approval from Lundbeck's board to receive shares in biotech Stratified Medical Ltd from the company's founder.
Lundbeck said this was a breach of its code of conduct. "It is an aggravating circumstance that the shares in question were in a company in which Lundbeck later invested around 19 million Danisk kroner (2.55 million euros)."
It said Wiinberg has acknowledged and apologised to the board's chairman Håkan Björklund for this error which the board considers a serious breach of Lundbeck's code of conduct.
"As a consequence, Ulf Wiinberg has informed the board of directors of his wish to resign from his position. The board of directors appreciates Ulf Wiinberg's decision and, as matters stand, finds it appropriate."
Björklund said: "The board acknowledges Ulf Wiinberg's considerable contributions since his appointment in 2008. Ulf Wiinberg has not only acknowledged but also apologised for his erroneous actions, but this does not change the fact that Lundbeck has a clear and unmistakable code of conduct for all employees.
"We cannot operate with degrees of compliance with our code of conduct and the board of directors therefore concurs with Ulf Wiinberg's decision to resign."
Wiinberg in the statement said he was "sincerely sorry for the course of events, which on my part was unintentional, and of which I myself informed Håkan Björklund.
"I am extremely happy about my time at Lundbeck and I am proud of having taken part in the development and strengthening of the company. However, based on these events, I have found it in both parties' best interests that I resign from my position today."
A search for a new CEO will start immediately, Lunbeck said. Until a successor is appointed, Björklund will be acting CEO.
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