MannKind Names Insider as CEO
January 11 2016 - 11:00AM
Dow Jones News
MannKind Corp. on Monday said it appointed Chief Financial
Officer Matthew Pfeffer chief executive, replacing founder Alfred
Mann, and said it has withdrawn its offer to Duane DeSisto because
of objections by his former company that his employment would
violate its non-compete agreement.
Insulet Corp. said Mr. DeSisto's non-competition agreement
remains in effect until Sept. 17.
Mr. Pfeffer, whose appointment became effective Sunday, will
continue as chief financial officer and will take a vacant board
seat.
Mr. Mann had been serving as interim chief executive since
November when former chief executive Hakan Edstrom resigned after
less than a year at the helm. The shake-up comes amid a steep drop
in the company's stock, fueled by flagging sales of MannKind's key
diabetes drug Afrezza. Shares have plunged 89% over the past 12
months, and the stock has erased more than half its value this
month alone.
Last week, MannKind announced the termination of its licensing
pact with Sanofi-Aventis in the U.S. for the development and sale
of Afrezza and signaled that it might look to sell the drug.
On Monday, Kent Kresa, lead director of MannKind, said Mr.
Pfeffer "understands the strategic and financial challenges that we
face at this very important time for our company and has already
begun to pursue a number of solutions."
Write to Anne Steele at Anne.Steele@wsj.com
(END) Dow Jones Newswires
January 11, 2016 10:45 ET (15:45 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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