December 23, 2015 / 2:11 AM / in 2 years

Turing Pharma seeks CEO to replace Shkreli, plans job cuts

Martin Shkreli (C), chief executive officer of Turing Pharmaceuticals and KaloBios Pharmaceuticals Inc, departs U.S. Federal Court after an arraignment following his being charged in a federal indictment filed in Brooklyn relating to his management of hedge fund MSMB Capital Management and biopharmaceutical company Retrophin Inc. in New York December 17, 2015. REUTERS/Lucas Jackson

(Reuters) - Turing Pharmaceuticals said on Tuesday it is seeking a new chief executive to replace Martin Shkreli, the price-gouging entrepreneur who is facing U.S. charges of securities fraud, and will cut jobs in a restructuring.

The private Swiss-based company will also expand its board to include new, independent members, it added.

Shkreli, 32, resigned as CEO on Friday, a day after his arrest on charges that he had engaged in a Ponzi-like scheme. He pleaded not guilty and was released on $5 million bail.

On Monday, KaloBios Pharmaceuticals said Shkreli was “terminated” as CEO and had resigned from the board.

Turing did not specify the number of job cuts in a statement. It could not be immediately reached for comment.

“These staff changes put us in the best position to continue executing on our long-term plan,” said Chairman and Interim Chief Executive Ron Tilles, who took over Shkreli’s job on Friday.

Shkreli gained notoriety when, as Turing’s CEO, he raised the price of a life saving drug overnight to $750 from $13.50.

Reporting by Ankush Sharma in Bengaluru

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