Mylan's CFO is packing her bags after only three months on the job. And the company isn't saying why Jolene Varney, who joined the drugmaker in June from Dr. Pepper Snapple, is beating a path for the exit, prompting at least one analyst to downgrade the stock. This after CFO Ed Brokowski left Mylan in March, also to little explanation.
The revolving door in the CFO office raises questions about the company's financials, Caris & Co. analyst David Moskowitz wrote in explaining the downgrade, the Associated Press reports. And even if the financials are fine, Varney's quick departure raises questions about management's hiring judgment, Moskowitz said.
Meanwhile, the company says it's using Korn/Ferry International to search for Varney's replacement. In a release the company said Korn/Ferry would, strangely enough, "resume its search ... for a qualified candidate"--and "in the interim, Mylan will continue business as usual."
- read the release from Mylan
- check out the Reuters article
- see the AP story
- get the downgrade news from Stock World