GeoPharma president out

Shortly after revealing the details behind a bold restructuring effort, GeoPharma Inc. announced that its president has resigned.

Last week, the Largo-based company explained the steps it took to reduce $15 million in borrowings to $3 million, including the sale of its subsidiary to a holding company whose stock it would later own. (A more in-depth explanation is available below.)

Now, a new release issued by the company shows that president Kotha Sekharam chose to respond to those actions by stepping down from his post. Along with Sekharam, Mandeep Taneja, the company's general counsel, is also resigning.