The board of liver cancer treatment developer Sirtex Medical terminated chief executive Gilman Wong's employment on Friday after an investigation into his share trading.
Directors took action after legal advisers Watson Mangioni delivered a confidential report concerning trading of Sirtex shares by Mr Wong in October 2016.
Mr Wong sold more than a quarter of his holding in October, two days after the company used its annual meeting to re-affirm its forecast of double-digit growth in dose sales of its radioactive SIR-Spheres, used to treat liver cancer. However a shock earnings downgrade in December sent the stock plunging. AFR Weekend's Rear Window estimated Mr Wong saved $1 million by getting out early.
Mr Wong's salary will be paid until Friday, however he will forfeit any unvested performance rights.
Nigel Lange, the $900 million company's chief operating officer, who has been acting as CEO, was appointed to the top job, effective immediately.
