Ulf Wiinberg has played out his role as CEO of Lundbeck.

The Danish drug group announced Monday morning that the now-former CEO is leaving his position with immediate effect “at his own request and that the resignation is a consequence of Ulf Wiinberg breaching the company's Code of Conduct.

The reason is that Ulf Wiinberg in 2013 omitted to request and obtain prior approval from Lundbeck's Board of Directors to receive shares in the biotech company Stratified Medical from the company's founder.

“This is a breach of Lundbeck's Code of Conduct, which sets the rules for the conduct of management and employees. It is an aggravating circumstance that the shares in question were in a company in which Lundbeck later invested around DKK 19 million,” Lundbeck writes.

Appropriate reaction

"I am sincerely sorry for the course of events, which on my part was unintentional, and of which I myself informed Håkan Björklund. I am extremely happy about my time at Lundbeck and I am proud of having taken part in the development and strengthening of the company. However, based on these events, I have found it in both parties' best interests that I resign from my position today," says Ulf Wiinberg, who has been at the helm of the company since 2008.

 The Board of Directors says it appreciates Ulf Wiinberg's decision and, “as matters stand, finds it appropriate.”

"The Board acknowledges Ulf Wiinberg's considerable contributions since his appointment in 2008. Ulf Wiinberg has not only acknowledged but also apologized for his erroneous actions, but this does not change the fact that Lundbeck has a clear and unmistakable Code of Conduct for all employees. We cannot operate with degrees of compliance with our Code of Conduct and the Board of Directors therefore concurs with Ulf Wiinberg's decision to resign," says Chairman of the Board, Håkan Björklund. 

A search for Ulf Wiinberg's replacement will be initiated immediately. Until this process has been completed, the Chairman of the Board of Directors, Håkan Björklund, will be Chairman with extended operational responsibilities and will in this role act as day-to-day leader of the company, Lundbeck informs.

- translated by Martin Havtorn Petersen

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