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UPDATE 1-Valeant's Pearson says timing of return uncertain

Published 2016-01-25, 07:45 a/m
© Reuters. UPDATE 1-Valeant's Pearson says timing of return uncertain
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Jan 25 (Reuters) - Valeant Pharmaceuticals (N:VRX) International
Inc's VRX.TO ailing chief executive, Michael Pearson (L:PSON), said he
was on the road to recovery but was uncertain about when he
would return from medical leave.
"I'm glad to say that I'm on the road to recovery and
although the timing of my return remains uncertain, I look
forward to being back at work when able," Pearson said in a memo
to employees.
Pearson, who joined Valeant as CEO in 2010 after a 23-year
career at consultancy McKinsey & Co, was hospitalized with
severe pneumonia in late December.
Valeant in January named its former chief financial officer
and Pearson's long-time lieutenant, Howard Schiller, as interim
chief executive.
During most of the years Pearson led the Laval, Quebec-based
company, Schiller worked alongside him. The two employed a rapid
growth strategy based on a constant stream of acquisitions and
drug price increases.
But last year Valeant's surging growth stalled amid
questions about its pricing, accounting practices, and for close
ties to a specialty pharmacy.

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