Turbulent times at Evotec as COO steps down

Germany’s Evotec (Frankfurt: EVT) has said its chief operating officer Craig Johnstone will leave the business at the end of the year.

The move comes as the company continues its restructuring program, dubbed “Priority Reset,” following a challenging period marked by declining revenues and a faltering contract research market.

The cost-saving measures, which includes a structural reorganization, appear to have been prompted by a near-60% drop in share value this year. As well as layoffs, Evotec will exit the gene therapy category and sell a chemical API facility.