Turing Pharmaceuticals CEO Martin Shkreli has resigned from his position, putting an end to his troubled tenure as head of the company. The news comes after Shkreli was arrested on Thursday for his corrupt practices with his previous company Retrophin. Shkreli is best known for greedily raising the price of the critical HIV infection medication daraprim from $13.50 per pill to $750 per pill overnight.
In his recent arrest, Shkreli was accused of misleading investors in his hedge funds and also of stealing from a publicly traded company in order to cover his losses. The troubled CEO pleaded not guilty to seven counts of securities fraud and conspiracy in Brooklyn federal court. Shkreli has decided to step down from his position as Turing CEO in order to avoid a potential formal firing.
Shkreli will be replaced by the chairman of Turing, Ron Tilles, who will serve as CEO on an interim basis. Tilles will have his work cut out for him, as he will be dealt with the difficult task of repairing the tarnished image of a company that made it essentially impossible for many people to access highly important medications, just for the sake of money.
As CEO of Turing, Shkreli attracted nationwide criticism for raising the price of daraprim, which has been on the market since the 1950s. Daraprim is most commonly used to treat parasitic infections that can life threatening for HIV patients, pregnant women and others with weakened immune systems. Some people have called Shkreli the most hated man in America.
Additionally, a lawyer of Shkreli’s old company Retrophin, Evan L. Greebel, has also been arrested on one count of wire fraud conspiracy. Both men pleaded not guilty to their respective charges. They were both released on bail, but the judge required them to hand over their passports to restrict their travel. After the ordeal, Shkreli tweeted that he was glad to be home, and he thanked those who have supported him during his troubled time.
Shkreli is also the CEO of KaloBios Pharmaceuticals. Prosecutors are also looking into Shkreli’s move to acquire 70% of KaloBios in November. Just days before the acquisition, KaloBios was planning to shut down. Shkreli was named the CEO of KaloBios in late November. This suspicious move suggests that things might only continue to get worse for Shkreli.