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Valeant CEO Pearson to return effective immediately

Published 2016-02-28, 07:53 p/m
© Reuters. Valeant CEO Pearson to return effective immediately
PSON
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BHC
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NEW YORK, Feb 28 (Reuters) - Valeant Pharmaceuticals (N:VRX)
International VRX.TO said on Sunday that Chief Executive
Officer Michael Pearson (L:PSON) will return from medical leave effective
immediately, and the drugmaker will postpone the release of
fourth-quarter results planned for Monday.
The company said will also delay a conference call scheduled
for Monday and withdraw its financial guidance for 2016. Last
week, it said it would delay filing its audited 2015 annual
report with the SEC and planned to restate some revenues and
earnings from 2014 and 2015.
Board member Robert Ingram has been appointed chairman and
interim CEO Howard Schiller will transition out of his position
and return to the board, Valeant said.
On Friday, CNBC reported that Valeant's board of directors
was mulling if Pearson would return.
Pearson went on medical leave in late December because of
severe pneumonia, the company said.

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