Eli Lilly’s CFO Josh Smiley has resigned after an investigation found that he maintained “consensual though inappropriate personal communications” with a number of employees and "exhibited behavior that demonstrated poor judgment," according to the company.
The company hired external counsel to conduct an independent probe once it became aware of allegations about Smiley’s conduct.
“Lilly holds all employees accountable to its core values and strongly believes its executive officers carry an even higher burden in ensuring those values are upheld,” said the company. "Mr. Smiley did not meet that standard.”
Smiley is available to assist in the transition to new CFO Anat Ashkenazi. She was senior VP, controller and chief financial officer at Lilly Research Laboratories.
The company said the conduct had no impact on financial controls, financial statements or any other business matters or judgments.
"Lilly's core values are integrity, excellence and respect for people. We expect all employees to live these values, and we expect exemplary conduct from our executives at all times," said CEO David Ricks.
He said the company appreciates Smiley’s many contributions to Lilly and wishes him well.