Concordia International (CXRX) Stock: CEO Is Stepping Down

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Concordia International Corp (NASDAQ: CXRX)

Concordia International has had a great day in the market so far today. However, it looks like the stock is going to start taking a dive surrounding big news with regard to the CEO. Today, we’ll talk about what we’re seeing from the stock, what’s going on with the CEO, and what we can expect to see from CXRX moving forward.

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What We’re Seeing From CXRX

As mentioned above, Concordia International has had an incredible day in the market thus far today. While the stock took a slight dip late in the day, the gains seem to be continuing on CEO news. Currently (1:45), CXRX is trading at $5.00 per share after a gain of $1.03 per share, or 26.03%.

What’s The Story?

The big story at the moment is that the CEO at CXRX, Mark L. Thompson, will step down from his position. In a statement, Jordan Kupinsky, Lead Independent Director at Concordia International, had the following to offer:

Mark was our founder and successfully bulilt Concordia into an international specialty pharmaceutical company. Under his leadership, Concordia today has a robust product pipeline and a platform that reaches patients in over 100 countries. He and the Board agreed that this would be the ideal time for a leadership change at the company and the Board thanks him for his significant contribution over the years…”

What’s Next

Moving forward, CXRX will be on a search for a new CEO. Here’s what Kupinsky had to offer in that regard:

This is an important juncture for Concordia… We recently closed a very successful US$350 million debt offering and completed a strategic review of the business. With a portfolio fo more than 200 products, a platform for continued international expansion, a strong commercial footprint and opportunities for organic growth, we look forward to building on our past successes.”

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[Image Courtesy of Wikimedia]

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