Eli Lilly's CFO To Step Down Amid Inappropriate Employee Relationship Allegations

• Eli Lilly And Co's (NYSE: LLY) Chief Financial Officer Josh Smiley resigned after an independent investigation found inappropriate personal communication with some Lilly employees.

• The investigation revealed consensual though inappropriate personal communications between Smiley and certain Lilly employees. Lilly said the behavior exhibited poor judgment by Smiley.

• The company said Anat Ashkenazi would step into the role of senior vice president and chief financial officer. He has been with Lilly for nearly 20 years and, most recently, served as senior vice president, controller, and chief financial officer of Lilly Research Laboratories since 2016.

• According to the company, since Smiley's conduct was not related to financial controls or business matters, he will assist Lilly in its leadership transition.

• Price Action: LLY shares were 2.4% lower at $200.75 on the last check Tuesday.

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