Vivus Inc. is the obesity drug manufacturer that had its board and management overturned last July. This was after a proxy fight with the company's biggest shareholder. The company had announced that its Chief Executive Officer had stepped down from office.
Former Johnson & Johnson executive Seth H. Z. Fischer would take over Vivus CEO Tony Zook's post immediately. According to a statement released by the California-based company, the resignation of Zook was due to his recurring medical condition.
In a statement Zook said, "This has been a difficult decision. Unfortunately, I cannot devote the necessary time and focus to the company, but instead must concentrate on personal health issues."
Tony Zook started as CEO in the firm on July 22. This was after Vivus' shareholders First Manhattan Co and Sarissa Capital Management LP ousted the former CEO of the company.
Fischer's mandate as CEO would be the same as Zook's. The said mandate would revolve around expanding the use of the obesity drug Qsymia, getting a marketing partner and expanding to Europe, as well as cutting costs.
Join the Conversation