Martin Shkreli Is Reportedly Stepping Down as Turing CEO

December 18, 2015, 4:45 PM UTC
Martin Shkreli (C), a former hedge fund manager and Chief Executive Officer of Retrophin, leaves the federal court after getting bail, in New York on December 17, 2015. Shkreli, the pharmaceutical CEO who caused a storm in September by jacking up the price of a life-saving drug, was arrested Thursday on fraud charges, prosecutors said. His arrest was not linked to the 5,000-percent increase in the price of Daraprim, a drug used to treat malaria and infections suffered by HIV-positive individuals. The FBI said he was targeted instead in an $11 million embezzlement probe at another company he once led, Retrophin. AFP PHOTO/JEWEL SAMAD / AFP / JEWEL SAMAD (Photo credit should read JEWEL SAMAD/AFP/Getty Images)
Photograph by Jewel Samad — AFP/Getty Images

Martin Shkreli, the bad boy of the pharmaceutical industry, is reportedly stepping down as CEO of Turing Pharmaceuticals.

Shkreli’s company is close to replacing him, as reported by the Wall Street Journal, citing people familiar with the matter. There is no word yet on a timeline and the publication reported that it is unknown whether a replacement will be permanent or on an interim basis.

The move comes just a day after Shkreli was arrested by the FBI for securities fraud and let out on bail for $5 million. He pleaded not guilty to to seven counts of fraud and to what’s been called a ponzi-like sceheme conspiracy during his time as a hedge-fund manager before he founded Turing.

Shkreli has gained attention in recent months for price-gouging its HIV drug Daraprim, including raising the price over 5000% to $750 per pill.

Fortune has reached out to Turing for comment.

In recent days, Shkreli has made sexist comments about Taylor Swift and also proclaimed himself to be the most successful Albanian ever.

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