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Editor: Katharine Van Tassel
Akron Univ. School of Law

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Thursday, October 27, 2005

Lester Crawford: Reasons for Resignation

The New York Times reports today of a possible reason for former FDA commissioner Lester Crawford's sudden resignation -- stock sales of FDA regulated companies.  The Times states,

Dr. Lester M. Crawford, the former commissioner of the Food and Drug Administration, or his wife sold shares in companies regulated by the agency in 2004, according to financial disclosure forms.

The sales may have played a role in Dr. Crawford's sudden resignation from the agency last month after only two months as its leader.

The latest disclosure form, signed by Dr. Crawford on June 28, shows that he or his wife sold shares in 2004 in companies including the Sysco Corporation, a large food supplier; Kimberly-Clark and Teleflex Inc., which have medical-products divisions; PepsiCo Inc. and Wendy's International, which sell food products; Wal-Mart Stores Inc., which includes pharmacies; and Embrex, an agriculture biotechnology company where Dr. Crawford was once a board member.

The value of the sales varied from $1,001 to $100,000, according to the form.

Embrex, Kimberly-Clark, Pepsico and Wendy's are not on a form listing the Crawfords' 2003 holdings, although that form states that the Crawfords sold shares that year in Wendy's and Sysco valued at $1,001 to $15,000.

Dr. Crawford was quoted by Forbes.com last month as saying that he had sold all of his interest in Embrex before he went to work for the F.D.A.

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