Turing to Slash Jobs, Search for New CEO Following Shkreli Arrest

Turing Pharmaceuticals will cut jobs, streamline its operations and seek a new CEO in the wake of former chief executive Martin Shkreli’s arrest on securities fraud charges.

The Swiss company also said it would expand its board to include new, independent members as part of overall moves toward a “stronger path to growth.”

The company did not provide details on what jobs it plans to eliminate.

“[Although] this has been a period of leadership transition for Turing, I am confident that the fundamental business model remains strong,” says interim CEO Ron Tilles, who was installed as temporary head of the company after Shkreli’s resignation.