Insys Therapeutics (INSY) Initiates Search for New CEO

September 21, 2016 7:01 AM EDT

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Insys Therapeutics, Inc. (NASDAQ: INSY) announced that the Company’s Board of Directors (“Board”) has initiated a search to identify a candidate to succeed Dr. John N. Kapoor as President and Chief Executive Officer. Dr. Kapoor will continue to serve as President and CEO until his replacement is appointed. The Board has appointed a special committee, comprised of independent Board members, Patrick P. Fourteau, Steven Meyer and Pierre Lapalme, to conduct the search for the Company’s next CEO. These board members are, respectively, the chairs of the compensation committee, audit committee and nominating and corporate governance committee of the Board.

Mr. Fourteau stated, "Dr. Kapoor stepped into the role of CEO to rebuild the Company from an operational perspective. His expertise, dedication and commitment are very much appreciated. Under his leadership and guidance through this transition period, we believe Insys has emerged as a stronger company."

Dr. Kapoor stated, “I founded Insys nearly 15 years ago because I had a vision of helping patients with unmet medical needs. As I return to focus on my outside interests, I am convinced more than ever that our existing products and pipeline have significant potential to benefit patients. Our Company remains committed to overcoming the challenges that we have faced and building shareholder value.”

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