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Valeant’s Pearson Is Out, As Hunt Begins For A CEO To Right The Wrongs

 
• By Jessica Merrill

Valeant has begun the search for a new CEO, who will be charged with turning around the troubled company and likely divesting some assets. The company also calls out former CFO Howard Schiller for “improper conduct.”

Valeant Pharmaceuticals International Inc. is turning its back on CEO J. Michael Pearson, the man who built Valeant into a Wall Street darling through a strategy of acquisitions, cost cuts and price hikes. Now that elements of that strategy have backfired and the company’s stock price has fizzled like a sparkler in a downpour, the company announced March 21 that Pearson will be replaced by a successor yet to be named.

Valeant has begun the search for a new chief executive, who will be charged with turning around the troubled company, while Pearson will continue in the role and stay on as director on the board until a replacement is appointed

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