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Eli Lilly CFO departs amid accusations of ‘inappropriate’ communications with staff

By Brian Buntz | February 9, 2021

Eli Lilly (NYSE:LLY) has announced that its chief financial officer Joshua Smiley has resigned.

An independent investigation with external counsel discovered “consensual though inappropriate” communications between Smiley and a number of employees, according to a Lilly statement. 

Lilly has installed a replacement, Anat Ashkenazi, who has worked at the company for almost 20 years. “We are confident in Anat’s ability to serve as our next CFO given her impeccable track record of leadership and business success across nearly all major parts of the company, most recently as corporate controller and head of strategy,” said David A. Ricks, Lilly CEO, in prepared remarks. 

Smiley forfeited more than $20 million in cash and equity awards upon exiting the company. 

Smiley will receive $9,000 every two weeks through July as he facilitates the transition. 

Smiley had worked at Lilly since 1995, becoming CFO in 2018. 

LLY shares fell 2% after the news announcement but were flat in after-hours trading. 

About The Author

Brian Buntz

The pharma and biotech editor of WTWH Media, Brian is a veteran journalist with more than 15 years of experience covering an array of life science topics, including clinical trials, drug discovery and development and medical devices. Before coming to WTWH, he served as content director focused on connected devices at Informa. In addition, Brian covered the medical device sector for 10 years at UBM. At Qmed, he overhauled the brand’s news coverage and helped to grow the site’s traffic volume dramatically. He had previously held managing editor roles on two of the company’s medical device technology publications. Connect with him on LinkedIn or email at bbuntz@wtwhmedia.com.

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