Organon CEO resigns after probe finds improper Nexplanon wholesaler sales; Morrissey named interim CEO

Organon & Co.

Kevin Ali resigned as CEO and Board member; no severance or equity retirement benefits.
Audit Committee investigation found wholesalers asked to buy excess Nexplanon in 7 quarters; sales <1% of annual revenue but helped meet guidance.
Joseph Morrissey appointed Interim CEO; salary raised to $1M, bonus target 100%, LTI target $4M, one-time RSU grant of $1M.
Carrie Cox named Executive Chair; Robert Essner Lead Independent Director; Helene Gayle chairs Talent Committee.
No restatement of prior financials; 2024 internal control opinion withdrawn; Head of US Commercial & Government Affairs terminated.

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