Ian Smith, chief operating officer and interim chief financial officer of Vertex Pharmaceuticals, has been terminated from his positions following an investigation, the company announced Wednesday.
Boston-based Vertex (NASDAQ: VRTX) said the personnel decision was made due to “personal behavior that violated Vertex’s Code of Conduct and values.” The company did not specify what prompted the inquiry or the nature of Smith’s alleged conduct. But Vertex, which develops drugs for cystic fibrosis and other diseases, said that Smith’s termination was not related to the company’s financial and business performance.
In a research note, Leerink Partners analyst Geoffrey Porges wrote that Vertex management told him no one else was implicated in the one-month investigation and the company does not expect to make any other announcements. Also, Vertex will honor the terms of Smith’s employment contract and there is no settlement or other agreement associated with his departure.
Smith joined Vertex in 2001 as vice president and CFO. In 2017, he added the COO role to his responsibilities. Vertex has appointed Paul Silva, senior vice president, corporate controller, and chief accounting officer, to serve as interim CFO.