Not to mention his racehorses and hockey team.Biovail Corp. founder Eugene Melnyk, 47, fought back tears yesterday as he spoke about his decision to retire from the pharmaceutical company, stepping down as non-executive chair on June 30.
"I can point to a dozen successful business deals in the last dozen years, but I have a hard time remembering a dozen quality days at home in the last six months," Melnyk, 47, told shareholders at the company's annual meeting in Toronto.
He said he wants to spend more time with his wife, Laura, and daughters, Anna and Olivia.
Biovail said earlier yesterday that Melnyk, who also owns the Ottawa Senators NHL team, told the board of directors Tuesday night he had made the decision "over the last several months."
Earlier Tuesday, Biovail disclosed that Melnyk, who is facing allegations of improper trading practices by the Ontario Securities Commission, had received a Wells notice from the U.S. Securities and Exchange Commission alleging violations of securities laws.
"I'm going to personally deal with – and resolve – my outstanding items with the OSC and SEC as soon as reasonably possible," Melnyk said.
Last week, an OSC tribunal rejected a proposed settlement between Melnyk and its enforcement staff and scheduled a hearing of the allegations against him.
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1 comment:
Has anyone noticed how few items dealing with the big pharma misconduct come out of Canada. This story is one of very few that deals with misconduct of CEO of soso major pharma co. He got caught because he put his hand into the USA jar and as such he will have to answer for it. In Canada they the big pharma protagonists can do literaly what ever they want and never get caught. Not seriously anyway. We have nothing like False Claims Act and other strong laws that netted over 20 billions for the uSA government that was stolen from them by big pharma. You can imagine what they could recover in Canada if they did the same. At least 10 -20% of USA figures. Yet no one is even talking about these isses and the sister companies of Pfizer, AZ, BMS, and others are doing the same things here without any fear of consequences.
Canada is really a promised land for the big pharma. How do I know? I have seen it, I have done it under orders and I have proof for it. If our small group is successful this will change soon to the better for the people.
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