Valeant names former finance chief interim CEO, current CEO remains ill

NEW YORK -- Valeant Pharmaceuticals named former finance chief Howard Schiller as interim CEO of the troubled pharmaceutical company, while current CEO J.

See Full Article

Michael Pearson recovers from severe pneumonia.

The company said Wednesday that it does not know when Pearson will return to the company. Shares of Valeant Pharmaceuticals International Inc. fell about 3 per cent in premarket trading.

Schiller was chief financial officer of Valeant up until June. He's currently on the Canadian company's board.

Valeant has recently come under scrutiny for its drug pricing policies, as well as its relationship with the mail-order pharmacy Philidor.


Latest Economic News

  • Police, soldiers move in to force Dakota Access protesters off private land

    Economic CBC News
    Armed law enforcement officers and soldiers, including some in riot gear, moved in on Thursday to remove Dakota Access pipeline protesters camped on private land in the path of the oil pipeline in North Dakota. Authorities with trucks, police cars, military Humvees and buses began the operation just before midday, with sirens blaring and officials telling protesters over a loudspeaker to move out. Source
  • National Bank cutting 600 jobs as part of digital shift

    Economic CBC News
    National Bank announced Thursday it will eliminate about 600 jobs as it aims to speed up its transition to the growing digital economy. At the same time, the Montreal-based bank said it will hire about 500 people, especially in sales and service and information technology functions. Source
  • Twitter shutting down Vine video service

    Economic CTV News
    Twitter is shutting down its Vine short-form video service amid other cost-cutting measures at the social media company which is bleeding money and struggling to find a buyer. Vine will be discontinuing its mobile app "in the coming months," with no specific date set at this point, according to a blog post on Medium, which is owned by Twitter co-founder Evan Williams. Source
  • About as many Canadians oppose recreational pot as support it, Deloitte survey finds

    Economic CBC News
    Forty per cent of Canadians in a recent survey said they support the notion of legalizing marijuana for recreational use, slightly more than those who said they oppose it. Deloitte surveyed 5,000 Canadians recently for their views on marijuana, and the results suggest a country that is very much divided on a topic that the federal government is currently trying to clarify the rules on. Source
  • How the trade agreement with the EU could benefit Canada

    Economic CTV News
    After seven years of negotiations, and a recent impasse between Belgium’s regional authorities, the free trade deal between the European Union and Canada could finally be signed over the next few days. Now that the holdout Belgian region of Wallonia is on board with the deal, the agreement now has to be formally approved by the parliaments of the 28 EU member nations. Source
  • Proposals and pre-nups: Marriage, co-habitation contracts can be good investment

    Economic CBC News
    A romantic proposal or an invitation to move in with a partner may seem like an awkward time to start planning for a smooth divorce. But with nearly half of Canadian marriages ending before death does couples part, a pre-nup can help individuals emerge from breakups financially unscathed. Source
  • Brookfield, Sagard in huddle to discuss next play for Performance Sports Group

    Economic CTV News
    TORONTO -- Two of the largest shareholders in Performance Sports Group have signed confidentiality agreements with each other and plan to discuss strategic options for the maker of Bauer hockey skates, Easton baseball gear and other sports equipment. Source
  • Twitter to cut 9% of its staff

    Economic CBC News
    Twitter Inc said Thursday it would cut nine per cent of its global workforce to keep costs down as the microblogging service reported quarterly results that beat Wall Street expectations, lifting shares. Third-quarter revenue growth slowed sharply but topped analysts' expectations. Source
  • PotashCorp Q3 profit plunges despite record volumes

    Economic CTV News
    SASKATOON -- Potash Corp. of Saskatchewan (TSX:POT) says it achieved record sales volumes for a third quarter, but saw its profit fall due to weaker prices for the three major types of fertilizer that it produces. Source
  • Cenovus Energy's operating loss grows despite cost-cutting progress

    Economic CTV News
    CALGARY -- Cenovus Energy Inc. (TSX:CVE) reported a $251-million loss for the third quarter and said Thursday it's looking for additional areas to cut costs. The loss amounted to 30 cents per share of the Calgary-based company, which is active in Alberta's oilsands, conventional oil production and oil refining. Source