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UPDATE 1-Valeant to be led by group of execs as CEO on medical leave

Published 2015-12-28, 08:51 a/m
© Reuters. UPDATE 1-Valeant to be led by group of execs as CEO on medical leave
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(Adds details, background and shares)
Dec 28 (Reuters) - Valeant Pharmaceuticals International Inc (N:VRX)
VRX.TO VRX.N said a group of company executives will take
over in an interim capacity, until CEO Michael Pearson (L:PSON) returns
from medical leave.
Pearson, who joined Valeant as CEO in 2010 after a 23-year
career at McKinsey & Company, will be on a medical leave of
absence, effective immediately, the company said in a statement
on Monday.
The Canadian drugmaker's U.S.-listed shares fell about 7
percent in premarket trading.
Pearson was hospitalized with a "severe case of pneumonia"
on Friday and is receiving treatment, a company spokeswoman said
last week.
Valeant's board has created an "office of the Chief
Executive Officer", which will include general counsel Robert
Chai-Onn, company group chairman Ari Kellen, and chief financial
officer Robert Rosiello.
The board has also created a committee to oversee and
support the office of the CEO, and it will include lead
independent director Robert Ingram, president of ValueAct
Capital Mason Morfit and former Valeant CFO Howard Schiller.
Pearson's illness comes as investors are turning up pressure
on the Laval, Quebec-based company to provide a more detailed
plan on how it will grow profits in 2016. Under Pearson, the
company has come under U.S. government scrutiny for acquiring
off-patent drugs and dramatically hiking prices.
Under a deal announced this month, Walgreens Boots Alliance
WBA.O will take over many of the functions that had previously
been managed by Philidor Rx Services, the specialty pharmacy
with which Valeant cut ties in response to allegations of
aggressive billing practices.

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