Sanofi (SNY), a French pharmaceutical company, stock is down following the company’s decision to fire its CEO on Tuesday.
Chris Viehbacher was the CEO of Sanofi before he was fired. The exact reason for his firing is unknown, but it appears to be due to conflict between him and the company’s board. Serge Weinberg, Chairman of the SNY board, will take over as temporary CEO until a replacement is found, reports Fortune.
Viehbacher was the CEO of Sanofi for six years. He didn’t get along with the company’s board members and Weinberg said there was a “lack of trust” between them. One source claims that Viehbacher was fired because of his “authoritarian” style, Fortune notes.
“Going forward, the Group needs to pursue its development with a management aligning the teams, harnessing talents and focusing on execution with a close and confident cooperation with the Board,” Sanofi told Financial Times.
SNY shares were down 6% as of Wednesday afternoon.
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