Lundbeck CEO resigns after serious conduct breaches
- In 2013, Ulf Wiinberg, who has just resigned as the CEO of Lundbeck, failed to request permission from the board to receive shares of the biotech company Stratfield Medical Ltd. from Stratfield's founder.
- This behavior is considered a breach of conduct, though it is not criminal.
- Lundbeck later made a $3.2 million investment in Stratfield after Wiinberg received the shares.
It is not clear whether Wiinberg was aware that there was a conflict when he received shares of Stratfield; however, the fact that Lundbeck later made a sizable investment in the biotech company does raise a lot of questions.
For his part, Wiinberg has apologized, saying that his actions were not intended to breach company policy. He said that his resignation was in both his and Lundbeck's best interests.