Ulf Wiinberg has resigned as Chief Executive of Danish pharmaceutical company Lundbeck because of a breach in the company's code of conduct.
'Ulf Wiinberg's resignation is due to the fact that, in 2013, Ulf Wiinberg omitted to request and obtain prior approval from Lundbeck's Board of Directors to receive shares in the biotech company Stratified Medical from the company's founder,' Lundbeck said.
The company also said that the shares in question were in a company in which Lundbeck later invested around DKK19m (US$3.2m).
Wiinberg said he had apologised for the course of events, which he said were unintentional on his part and that he told Chairman Håkan Björklund about them himself.
'Based on these events, I have found it in both parties' best interests that I resign from my position,' Wiinberg said.
Lundbeck said the search for Wiinberg's replacement would be initiated immediately. Until this process has been completed, Björklund will be Chairman with extended operational responsibilities and will in this role act as day-to-day leader of the company.
Björklund has more than 30 years of experience in the pharmaceutical industry, most notably from his time as President and CEO of Nycomed from 1999 to 2011. He has been on Lundbeck's Board of Directors since 2011.
