UPDATE 2-Valeant appoints Tyco's Sam Eldessouky corporate controller

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May 26 (Reuters) - Valeant Pharmaceuticals International Inc (NYSE:VRX)
VRX.N appointed Tyco International Plc TYC.N executive Sam
Eldessouky as corporate controller as the Canadian drugmaker
works to rebuild its reputation amid criticism of its accounting
methods.
Valeant said in March that "improper conduct" by former
Chief Financial Officer Howard Schiller and former Corporate
Controller Tanya Carro had contributed to a misstatement of its
financial results.
Eldessouky's appointment follows the replacement of Michael
Pearson (LON:PSON) as chief executive by Joseph Papa, former CEO of
drugmaker Perrigo Co (NYSE:PRGO) Plc PRGO.N , and the resignation of former
Executive Vice President Deb Jorn.
Schiller stepped down as CFO in 2015 but stayed on as a
member of the board. He will not stand for re-election.
Eldessouky joined Tyco in 2004, two years after senior
managers including Chief Executive Dennis Kozlowski were charged
with looting more than $150 million from the company. He leaves
as controller and chief accounting officer of the security
systems maker.
Valeant said Eldessouky would direct accounting and
financial reporting activities to ensure accurate and timely
compliance with all internal and external requirements. He
starts on May 31.
The drugmaker, a former investor favorite, has lost about 60
percent of its value since March 14, the day before it said a
delay in the filing of its annual report could put it at risk of
a default on its borrowings.
Apart from the company's financial problems, it has faced
criticism for its practice of sharply increasing the prices of
the drugs acquired through a slew of takeovers.
Valeant said on Tuesday it was reviewing its compensation
policies for executives to reflect the current environment.
The company's U.S.-listed shares, which traded as high as
$263.81 in August, were down 1.7 percent at $26.64 at midday on
Thursday. Its Toronto-listed shares were down 1.4 percent at
C$34.55.