Vertex fired its CFO over ‘personal behavior’

Ian Smith, the second-highest-ranking executive at Vertex Pharmaceuticals, lost his job over “personal behavior,” the company said, a decision that came after “a prompt and comprehensive investigation” involving an outside law firm.

Smith’s firing is the “result of personal behavior that violated Vertex’s code of conduct” and has nothing to do with his performance in the dual role of chief financial officer and chief operating officer, the company said in an after-hours press release yesterday. Vertex didn’t provide any other details.

Vertex’s repeated insistence that Smith’s departure had no bearing on the company’s operations or financial health seemed to resonate with investors, as the company’s share price was flat in post-market trading.

Smith, who joined the company in 2001, remains a board member at Acorda Therapeutics and Infinity Pharmaceuticals, according to the companies' websites.