Lilly CFO Resigns Following Investigation

Josh Smiley is the former CFO of Eli Lilly and Co.

Indianapolis-based Eli Lilly and Co. (NYSE: LLY) says Senior Vice President and Chief Financial Officer Josh Smiley is leaving the company after an investigation found inappropriate, personal communication with a Lilly employee.

The company has appointed Anat Ashkenazi to replace Smiley. Ashkenazi most recently served as senior vice president, controller and CFO of Lilly Research Laboratories.

Lilly says it was made aware of allegations of an inappropriate personal relationship between Smiley and an employee. The company says it launched an investigation, using external counsel to lead the inquiry.

Lilly says the investigation revealed the personal communications were consensual but inappropriate given Smiley’s position with the company.

“Lilly’s core values are integrity, excellence and respect for people. We expect all employees to live these values, and we expect exemplary conduct from our executives at all times,” said David Ricks, Lilly chairman and chief executive officer.

The company says Smiley’s conduct was not related to financial controls, financial statements or any other business matters or judgments.

Ashkenazi been with the company for nearly 20 years.