Overview
- Joseph Morrissey, previously head of manufacturing and supply, was appointed interim CEO, with Carrie Cox as board chair and Robert Essner as lead independent director.
- The company terminated its head of U.S. commercial and government affairs, and CFO Matt Walsh remains after the probe found no evidence he knew of the practices.
- The audit committee identified end‑of‑quarter activity in Q4 2022, Q3–Q4 2024, and the first three quarters of 2025 involving encouraging wholesalers to overbuy Nexplanon.
- The implicated transactions represented under 1% of consolidated revenue for 2022 and 2024 but were material to meeting external revenue guidance.
- Shares opened down 20.9% to $7.25 on 27 October, and the board said it will begin a search for a permanent chief executive after a roughly 58% year‑over‑year decline.