Andrew Long, the drugmaker’s current CFO, will replace Saeed Motahari as chief executive, effective immediately.
Additionally, the drugmaker appointed Andrece Housley, the company’s corporate controller, to serve as CFO in place of Mr. Long.
Venkat Goskonda, PhD, was promoted to chief scientific officer after serving as the company’s senior vice president of research and development.
The leadership changes come as the drugmaker attempts to reinvent itself after details emerged in a racketeering trial against Insys founder John Kapoor and several former executives, who are accused of illegally boosting sales of its fentanyl spray. As a result of the trial, the drugmaker is considering divesting its opioid portfolio.
“We believe that now is the right time to transition leadership and that Andy is an excellent choice to serve as the company’s CEO. Andrece and Dr. Goskonda’s promotions are a reflection of their contributions to Insys,” said Steven Meyer, chairman of the Insys board of directors.
More articles on pharmacy:
PBM hearing should prompt bill to ban ‘secrecy’ in drug industry, senator says
Republicans tell drugmakers that complying with House probe could hurt their stock prices
Hawaii primary care network opens in-house pharmacy
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.