(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.
(Reporting by Puyaan Singh in Bengaluru; Editing by Devika Syamnath)
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