Organon Shares, Bonds Tumble Amid Improper Sales Findings

The chief executive of Organon, the company behind the birth control implant product Nexplanon, has stepped down after an audit committee uncovered improper sales practices related to the medicine.

Kevin Ali has resigned as CEO and left the board. He won’t be entitled to severance or equity-related retirement benefits, Organon said in a statement Monday. Joseph Morrissey, the company’s head of manufacturing, will serve as interim CEO as the board searches for a permanent replacement.