By Helena Smolak

Addiction-drug maker Indivior is parting ways with its chief executive officer as part of a wider board overhaul amid pressure from shareholder Oaktree Capital Management.

Mark Crossley will be replaced by recently-appointed nonexecutive director Joe Ciaffoni as CEO, the UK and U.S.-listed maker of drugs that treat opioid dependence said Thursday.

The move follows the departure of chief financial officer Ryan Preblick and board chair Graham Hetherington in recent months.

Ciaffoni was appointed as a nonexecutive director of Indivior in December, and previously served as President and CEO of Collegium Pharmaceutical. Prior to that, he held senior roles at Endo International, Biogen and Shionogi, Indivior said.

Crossley will remain with Indivior to support the staff transition and continuity for the business, it said.

The terms of Ciaffoni's appointment are subject to the approval by shareholders at its upcoming AGM, the company said.

Investment fund Oaktree Capital, which owns a 7.3% stake in Indivior, has repeatedly called for the drugmaker to reshuffle its board after a sharp share drop throughout last year.

In early trading, London-listed shares were up 14.0 pence, or 2.15% at 665.0 pence. They are down 35% over the year to date and 23% lower over the past three months.

Write to Helena Smolak at helena.smolak@wsj.com

(END) Dow Jones Newswires

February 27, 2025 03:42 ET (08:42 GMT)

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