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Turing Pharma seeks CEO to replace Shkreli, plans job cuts

Turing Pharmaceuticals seeks a new CEO

Turing Pharmaceuticals said on Tuesday it is seeking a new chief executive to replace Martin Shkreli, the price-gouging entrepreneur who is facing U.S. charges of securities fraud, and will cut jobs in a restructuring.

The private Swiss-based company will also expand its board to include new, independent members, it added.

Shkreli, 32, resigned as CEO on Friday, a day after his arrest on charges that he had engaged in a Ponzi-like scheme. He pleaded not guilty and was released on $5 million bail.

The pride and fall of Martin Shkreli

On Monday, KaloBios Pharmaceuticals said Shkreli was "terminated" as CEO and had resigned from the board.

Turing did not specify the number of job cuts in a statement. It could not be immediately reached for comment.

"These staff changes put us in the best position to continue executing on our long-term plan," said Chairman and Interim Chief Executive Ron Tilles, who took over Shkreli's job on Friday.

Shkreli gained notoriety when, as Turing's CEO, he raised the price of a life saving drug overnight to $750 from $13.50.