Apotex CEO quits amid cloud over future of firm
Jeremy Desai, president and chief executive of generic drug maker Apotex Inc., which was founded by the late Barry Sherman, has resigned, the company announced Friday.
In a statement provided to Postmedia, Apotex said Desai was leaving the company “to pursue other opportunities.” The company also announced Apotex vice-chairman Jack Kay would return to the CEO role, a position he occupied four years ago, with president of global generics Jeff Watson becoming the company’s president and chief operating officer.
“We thank Jeremy for his contributions and wish him success in the next phase of his career,” Apotex said in the statement. Apotex spokesperson Jordan Berman declined to elaborate on Desai’s reasons for leaving, saying the company does not comment on personnel matters.
Barry Sherman and his wife Honey were found dead in their Toronto home in mid-December, with officials citing the cause of death as ligature neck compression. In a press conference Friday afternoon, police said they believe the couple was murdered in a targeted attack.
Sherman had stepped down as CEO in 2012, but continued to work long hours at the firm he founded in 1974 and turned into a trailblazer in the generic pharmaceutical business.
Questions have swirled about the firm’s plan for a future without its hard-working founder.
Desai has been caught up in a legal dispute with Apotex rival Teva Pharmaceutical Industries Ltd. over trade secrets that his romantic partner, then-Teva employee Barinder Sandhu, allegedly leaked to him, claims that have not been proven in court and that Apotex has filed a motion to dismiss. The case is in the pre-trial discovery phase. Israel-based Teva filed the complaint in July. Financial Post