Exscientia sinks 20% after CEO is fired for inappropriate relationships

Exscientia announces that its board has decided to terminate the employment of Andrew Hopkins as the company’s Chief Executive Officer and Principal Executive Officer, and to remove Hopkins from his role as an Executive Director of the board, in each case for cause and effective immediately. The board’s decision was taken following an investigation which found that Hopkins had engaged in relationships with two employees that the board determined were inappropriate and inconsistent with the company’s standards and values. The board is instituting a search for Hopkins’ successor as CEO. “Dr. Hopkins’ conduct did not impact the Company’s consolidated financial statements or its internal controls over financial reporting, and his termination is unrelated to the Company’s operational or financial performance. The Company remains committed to advancing its internal oncology pipeline and broad partnership portfolio through AI-based drug design and laboratory technologies,” Exscientia added. In connection with Hopkins’ termination, Dave Hallett, the company’s Chief Science Officer, has been appointed Interim CEO and Interim Principal Executive Officer, effective immediately. Shares of Exscientia are down 20% to $6.02 in morning trading.