Astra terminates Bildman.WESTBOROUGH, Mass.--(HealthWire)--June 26, 1996--Astra USA today USA Today National U.S. daily general-interest newspaper, the first of its kind. Launched in 1982 by Allen Neuharth, head of the Gannett newspaper chain, it reached a circulation of one million within a year and surpassed two million in the 1990s. announced the termination of Lars Bildman, the former president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of the company. Bildman had been suspended on April 28 pending the results of an investigation into allegations of improprieties within the company that occurred during his tenure as CEO. The termination takes effect immediately and involves no monetary compensation. Bildman's termination was announced at a press conference at which Astra officials commented on the investigation by the company into allegations of sexual harassment sexual harassment, in law, verbal or physical behavior of a sexual nature, aimed at a particular person or group of people, especially in the workplace or in academic or other institutional settings, that is actionable, as in tort or under equal-opportunity statutes. , financial improprieties, and other activities considered inappropriate by the company. Bildman chose not to cooperate with the investigation. "Our investigation uncovered management behavior under Mr. Bildman that is unacceptable to Astra," said Executive Vice President C-G Johansson of Astra AB Astra AB is a former international pharmaceutical company based in Södertälje, Sweden. Astra was formed in 1913 and merged with the British Zeneca Group in 1999 to form AstraZeneca. , who headed the investigating committee established by the Board of Astra USA. "Astra will not tolerate conduct that is unprofessional, hurtful hurt·ful adj. Causing injury or suffering; damaging. hurt  ful·ly adv.hurt to the morale of our employees, or which fails to meet the high ethical standards of the company." The investigation showed evidence of a variety of improper activities, including misuse of company funds, inappropriate behavior at company functions, disregard of established company rules and procedures, and a neglect by Bildman to keep the parent company informed of these problems at its subsidiary. There is evidence that Bildman used company funds for personal expenses, including renovations to his houses and vacations. Approximately $2 million was involved. Astra understands that state and federal authorities have opened their own investigations into these matters, and the company is cooperating. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Astra's investigation, Bildman attempted to deflect attention away from himself by claiming that enemies of the company were behind the media's scrutiny of Astra USA and himself. There is no evidence to support this. Astra's investigation did show that Bildman went to great lengths to keep his behavior secret from his superiors in the Astra Group. He rented office space off-site for the purpose of keeping information from the parent company. The company has been actively cooperating with the Equal Employment Opportunity Commission in its investigation of allegations of sexual harassment. The company will also cooperate fully with investigations by other government agencies that may arise. "Today's action brings to an end an unfortunate and distasteful chapter in the history of Astra USA," said Johansson. "We are confident that Astra USA's growth under new leadership will accelerate as the company enters a challenging and exciting phase of development." The company also announced that George Roadman, former vice president of marketing and sales for the hospital division, has been terminated. Edward Aarons, former director of institutional business, has agreed to resign. Both had been under suspension since May 3. The incidents at Astra USA have lead to one additional measure. Anders Lonner, regional director and head of the Swedish marketing operations had knowledge about certain improprieties at Astra USA and failed to report this information to the members of the Astra Executive Committee. There is no longer a basis for continuing the relationship with Lonner because of this breach of trust. He has decided to leave the Astra Group immediately. Certain allegations were also made against Andreas Feulner, executive vice president and regional director of Astra AB. Feulner denies these allegations, and the investigation has not substantiated them. Astra AB (NYSE NYSE See: New York Stock Exchange :A) operates in the U.S. through two separate companies. Astra USA Inc. with 1995 sales of USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 330 m., markets products for hospitals. It also markets the beta blocker Beta blocker A drug that can be used to reduce blood pressure. Mentioned in: Mitral Valve Stenosis beta blocker Beta-adrenergic blocking agent Pharmacology Any of a class of agents that blocks β1 Toprol-XL and Rhinocort, which is used to treat rhinitis Rhinitis Definition Rhinitis is inflammation of the mucous lining of the nose. Description Rhinitis is a nonspecific term that covers infections, allergies, and other disorders whose common feature is the location of their symptoms. . Last week the company received an "approvable letter" from the Food and Drug Administration for its Pulmicort Turbuhaler, a medication used to treat asthma. Astra Merck Inc. is 50% owned by Astra and presently primarily markets Prilosec (Losec), the antipeptic ulcer agent, and Plendil, a vasodilating agent. Astra's share of Astra Merck's sales in 1995 amounted to approximately USD 650m. The Astra Group, with worldwide sales in 1995 of approximately USD 5bn., is an industry leader in the research and development of pharmaceuticals in the areas of gastrointestinal disorders, respiratory diseases, cardiovascular problems, and pain relief. The company is listed on the Stockholm, London, and New York stock exchanges New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . CONTACT: Astra USA Inc. Ben Kincannon, 508/836-8485 or Astra AB Staffan Ternby, +46 8 553 26107 or Investor Relations Investor relations The process by which the corporation communicates with its investors. : Astra AB Jorgen Winroth, 609/896-4148 |
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