Concordia International Corp (NASDAQ:CXRX) has announced the resignation of Mark L. Thompson, from the position of CEO. The stock of the company started to surge on the announcement, as the company starts its search for Mr. Thompson’s successor. CXRX revealed that the resignation would not go into effect, until a suitable replacement is found for the outgoing CEO. It should be noted here that Mr. Thompson was also the founder of Concordia and is responsible for its current achievements.

Jordan Kupinsky, the lead independent director at CXRX, noted that it was because of the current CEO that the company had presence in over 100 countries and a robust product pipeline. He also pointed out that the board felt that it was an ideal time for a change in leadership. This is due to the fact that CXRX recently closed on a $350 million debt offering and also conducted a successful strategic review of its business operations.

Mr. Kupinsky also thanked Mr. Thompson for his leadership and contribution, on behalf of the board. Moreover, Mr. Thompson would also leave the post of chairman of the board, at the company, as soon as a successor is found. The company currently has over 200 products on its portfolio and the management is confident that it can build on its past success, as opportunities for organic growth continue to present themselves.

Earlier Concordia had announced the closing of its Senior Secured First Lien Notes offering. The notes are set to mature in 5.5 years and carry an interest rate of 9% per annum and were issued at 100% of their face value. CXRX has revealed that it plans to use proceeds from the offering for general corporate purposes, as well as for funding pipeline products and small acquisitions. Upon completion of the offering, the company has decided to explore strategic alternatives, to maximize value creation for shareholders.

Concordia International Corp (NASDAQ:CXRX) closed at a share price of $4.48, at the end of the October 21 trading session, 12.85% higher than the session before, on a trade volume of 21.54 million.