CNBC reported Wednesday that Sam Waksal will step aside as chief executive of closely held Kadmon as the company plans to file for an initial public offering. Because of Waksal's ban from serving as an officer of a public company that stemmed from his insider trading charges, his brother, Harlan, is joining the company as president and CEO.
Kadmon confirmed the news in a press release, also noting Sam Waksal would remain chairman, "and will transition from that role in the event that the company elects to pursue an initial public offering."
The two brothers founded and ran ImClone together, with Sam as CEO and Harlan as chief operating officer, among other roles. At Kadmon, Sam will become chief of innovation, science and strategy.
"As we look to the future, it is my goal to ensure that the company is well-positioned to take advantage of value-building corporate, strategic and financial options," Harlan Waksal said in the company's statement.