InterMune ( ITMN) said Monday that its president and CEO, who also founded the company, has resigned. Effective immediately, Scott Harkonen will be replaced by William R. Ringo, who was appointed by the company's board of directors to serve as executive chairman and interim CEO. Harkonen will stay on as a member of the board. A search committee to find a replacement has been established and the company will hire an executive search firm. Harkonen founded InterMune, based in Brisbane, Calif., in February 1998, serving as a member of the board and as chief executive and president. He was chairman of the board from January 2000 until May 2003. From September 1995 to April 1999, Harkonen served as senior vice president of product development and operations at Connetics ( CNCT), a biopharmaceutical company. Ringo has served as a member of InterMune's board since June 2002, and he was elected nonexecutive chairman in May 2003. Ringo joined Eli Lilly ( LLY) in 1973 and served in various positions, including product group president, oncology and critical care products, from June 1999 until retiring in February 2001. Last month, Intermune
warned that its full-year revenue will come in lower than its previous guidance, citing disappointing sales of key drug Actimmune. Shares of the company were climbing 7.6% in morning trading to $16.32.