Concordia International announced on Wednesday John Beighton is retiring as president of the company's international unit. He'll be replaced by Graeme Duncan, who currently serves as managing director of the international division, effective January 1. 

"We are grateful to John for his contribution towards building a global business with significant product and geographic diversity, and we wish him well in his retirement," said Allan Oberman, Concordia's CEO, in a statement. 

Beighton will stay with the company as a member of the international division's board of directors. 

Concordia shares have plummeted almost 95 per cent so far this year.