Shkreli
Martin Shkreli, former CEO of Turing Pharmaceuticals, is escorted by FBI officials from his arraignment last Thursday in U.S. Federal Court in New York, where he faced security fraud charges. REUTERS/Lucas Jackson

Turing Pharmaceuticals said Tuesday it is seeking a new chief executive to replace Martin Shkreli, the price-gouging entrepreneur who is facing U.S. charges of securities fraud, and will cut jobs in a restructuring.

The private Switzerland-based company will also expand its board to include new, independent members, it added.

Shkreli, 32, resigned as CEO Friday, a day after his arrest on charges that he had engaged in a Ponzi-like scheme. He pleaded not guilty and was released on $5 million bail.

On Monday, KaloBios Pharmaceuticals said Shkreli was "terminated" as CEO and had resigned from the board.

Turing did not specify the number of job cuts in a statement. It could not be immediately reached for comment.

"These staff changes put us in the best position to continue executing on our long-term plan," said Chairman and Interim Chief Executive Ron Tilles, who took over Shkreli's job Friday.

Shkreli gained notoriety when, as Turing's CEO, he raised the price of a lifesaving drug overnight to $750, from $13.50.