OAKVILLE, Ont. -- Concordia International Corp. (CXR.TO) says chief executive Mark Thompson will step down following the appointment of a successor.

Thompson founded the company in December 2012.

The Ontario-based specialty drug company says the search process for a new CEO is underway.

Concordia says Thompson will also step down from the board of directors where he serves as chairman.

Jordan Kupinsky, lead independent director of the company, says the change was a joint decision between Thompson and the company's board.

"Mark was our founder and successfully built Concordia into an international specialty pharmaceutical company," said Kupinsky in a statement.

"He and the board agreed that this would be the ideal time for a leadership change at the company and the board thanks him for his significant contribution over the years."

Concordia recently closed a US$350-million debt offering and completed a strategic review of its business.