MiMedx, the Marietta biopharma company rocked by allegations of inflated earnings and improper sales practices, said Monday the company’s longtime chairman and CEO has resigned.
Parker H. “Pete” Petit, a fixture in metro Atlanta’s business community, resigned both as CEO and chairman, though he will remain a member of the MiMedx board, the company said in a news release. Also out is Bill Taylor, the company’s president and chief operating officer.
MiMedx makes tissues from donated placentas for wound care and other uses. But the company has been under siege for months after accusations by former employees the company participated in improper sales practices, including alleged over-shipping product to Veterans Affairs hospitals.
The company is currently under scrutiny by several federal agencies, including the Department of Justice, the Securities and Exchange Commission, the Department of Veterans Affairs and the Food and Drug Administration.
Last month, the company announced it would restate more than five years of its corporate earnings reports and said it had parted with then-Chief Financial Officer Michael Senken and John Cranston, MiMedx’s treasurer.
In Monday’s news release, MiMedx said the actions “are based on the Board of Directors’ business judgment regarding the Company’s leadership and direction, and arise, in part, from information the Audit Committee has identified through its previously announced independent investigation.”
“This investigation is ongoing and there may be other actions taken based, at least in part, on information from the investigation,” the release said.
Read More at the Source: MiMedx CEO and president out amid corporate turmoil
By: Scott Trubey & Johnny Edwards
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