Organon Appoints New Interim CEO Amid Sales Practices Inquiry

By Greg Peters • Monday, October 27 15:30 • Permanent Link

Organon, a global healthcare company, has appointed Joseph Morrissey as interim CEO and Carrie S. Cox as executive chair following the resignation of Kevin Ali in connection with an audit committee investigation. The investigation found that certain wholesalers in the United States were asked to buy more Nexplanon than they needed at various points between 2022 and 2025, representing less than 1% of the company’s consolidated revenue for the applicable years. This enabled Organon to meet guidance and revenue expectations, leading to the determination that these wholesaler sales practices were improper.

While there is no need for a restatement or revision to previously issued financial statements, the company is taking remedial actions to improve its financial controls and address any material weaknesses. The head of U.S. commercial & government affairs has been terminated in connection with the investigation, with no findings that the Chief Financial Officer was aware of the improper wholesaler sales practices.

Organon is initiating a search for a permanent CEO and is retaining a search firm to assist with the process. The company currently intends to timely file its quarterly report on Form 10-Q for the quarter ended September 30, 2025, with details forthcoming on a call and webcast to discuss third-quarter 2025 financial results.

Joseph Morrissey, a member of the company’s executive leadership team, has been appointed as interim CEO and has expressed his commitment to executing Organon’s business strategy. The company's focus remains on operational execution, including deleveraging the business, driving cost savings, and achieving revenue growth to drive long-term shareholder value.

Organon, headquartered in Jersey City, New Jersey, is a global healthcare company with a portfolio of over 70 products across women’s health and general medicines, with a focus on expanding access to essential treatments in over 140 markets. Following these announcements, the company's shares moved 1.22%, and are now trading at a price of $9.16. For more information, read the company's full 8-K submission here.

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