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.