Ulf Wiinberg has resigned as the president and chief executive of the Danish pharmaceutical company Lundbeck with immediate effect after breaching the company’s code of ethics.
His departure, announced by Lundbeck on 24 November 2014, follows his failure to tell the board that he received shares from the founder of biotech company Stratified Medical in 2013. Lundbeck later went on to invest around US$60m in the same company.
Wiinberg apologised for his actions, which he said were unintentional, and offered his resignation, which the board accepted.
His position will be temporarily filled by the company’s chairman HÃ¥kan BjÃ¶rklund until a successor is found.