Neurosearch has taken the radical step of firing its CEO, René Schneider, in a bid to save money, the company announces in a stock market release.

“The reason for the termination is that the board – as a natural part of the chosen strategy for liquidation of company activities – wants to reduce the company’s daily operating costs,” the company writes.

Chairman of the Board, Allan Andersen, however, has nothing but praise for the work of the departing CEO.

“René has provided an excellent, dedicated and competent effort since joining Neurosearch. Under his leadership, the company’s equity has been restored, and bank debts have been settled. During this period, the company also managed to sell Huntexil, as well as company property and lands. The company is now in a position where the Board assesses that there is no longer any need for a strong CEO. We are certain that René will be successful in his future activities,” he says in the release.

René Schneider, who will be relieved of his official duties as of November 30, 2013, says he understands the Board’s decision.

“I have worked hard to bring Neurosearch to a place where the company’s activities were sold and debts settled in a successful manner. We have reached that place now, so I have great sympathy for the Board’s decision, and naturally it doesn’t come as a great surprise to me. Although I have been in charge of the company through a turbulent period, I’m very satisfied with my time at Neurosearch. I have done all I could to hand over a company in great shape,” he says.

Neurosearch informs that no decision has yet been made as to who will succeed René Schneider as CEO.

- translated by Martin Havtorn Petersen

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