The Toronto-based pharmaceutical royalties company said its board “demanded and received the immediate resignation” of CEO Behzad Khosrowshahi, due to an ongoing investigation into alleged irregularities in expense reimbursement requests and consulting fees. Its shares fell over 26per cent on the Toronto Stock Exchange on Monday afternoon. (The Logic)
Skip to content
The Toronto-based pharmaceutical royalties company said its board “demanded and received the immediate resignation” of CEO Behzad Khosrowshahi, due to an ongoing investigation into alleged irregularities in expense reimbursement requests and consulting fees. Its shares fell over 26per cent on the Toronto Stock Exchange on Monday afternoon. (The Logic)
Talking point: DRI’s chief financial officer Chris Anastasopoulos was also suspended with pay pending the outcome of the investigation by independent legal counsel and forensic accountants, which is being overseen by an audit committee of independent trustees. Although the probe isn’t complete, the company estimated that about $7.5 million in restitution may be needed to account for the consulting fees and other expenses. Board chair Gary Collins, a former British Columbia finance minister, was named interim CEO of DRI Healthcare Trust. Board member Ali Hedayat was named interim CEO of DRI Healthcare, while DRI’s vice-president of finance Sandy Kwan will be interim CFO of both firms.
Loading...
Thanks for sharing!
You have shared 5 articles this month and reached the maximum amount of shares available.
CloseThis account has reached its share limit.
If you would like to purchase a sharing license please contact The Logic support at [email protected].
CloseGift the full article!
You have gifted 0 article(s) this month and have 5 remaining.
Recipients will be able to read the full text of the article after submitting their email address. They will not have access to other articles or subscriber benefits.
Most Popular This Week
In-depth, agenda-setting reporting
Great journalism delivered straight to your inbox.
News
Canada’s Arctic defence push is overwhelming communities in the North
Briefing
Barrick chooses NYSE for IPO
Oilsands consolidation continues with nearly $3B Adam Waterous-led roll-up
Honda commits $166M to upgrade Ontario auto plant and expand hybrid production
Best business newsletter in Canada
Get up to speed in minutes with insights and analysis on the most important stories of the day, every weekday.
Exclusive events
See the bigger picture with reporters and industry experts in subscriber-exclusive events.
Membership in The Logic Council
Membership provides access to our popular Slack channel, participation in subscriber surveys and invitations to exclusive events with our journalists and special guests.
