Valeant Pharmaceuticals names interim CEO, chairman

MONTREAL -- Valeant Pharmaceuticals, the embattled Quebec-based drug giant, has turned to a familiar face to act as interim CEO while Michael Pearson remains in hospital for severe pneumonia.

See Full Article

The drugmaker has appointed Howard Schiller to take over, effective immediately.

Schiller served as the company's chief financial officer from December 2011 through June 2015 and is on its board of directors.

The announcement comes as Valeant tries to overcome controversies that have slashed its stock price by more than half since it posted record highs in August.

Questions have mounted over whether Valeant (TSX:VRX) became too big for its own good by embarking on a series of acquisitions in recent years while cutting research and development spending.

It has also faced accusations of drug price gouging and concerns were further raised about its previously undisclosed relationship with Philidor Rx Services, a U.S. mail-order pharmacy -- an affiliation Valeant later severed.

Nonetheless, the company launched an internal review last fall to determine whether there was any wrongdoing in its relationship with Philidor. That review is headed by lead independent director Robert Ingram, who will become the interim chairman of Valeant's board of directors following Wednesday's shuffle in the company's top ranks.

In a statement, Ingram said the timing of Pearson's recovery and return remains uncertain.

"We appreciate the expressions of support and concern for Mike's health that we have received from Valeant's investors, employees, business partners and other stakeholders," he said.

"While Mike's illness was sudden and unexpected, our strong management team has stepped in to keep our businesses on track and thriving."

Before he was admitted into hospital last month, Pearson, 56, faced calls to resign. But he was defiant, vowing to put the company's troubles behind it.



Advertisements

Latest Economic News

  • Hackers claim to take down oil company website over soccer

    Economic CTV News
    LIBREVILLE, Gabon -- Hackers said they took out the website of French oil company Total on Sunday over its sponsorship of the ongoing African Cup of Nations soccer tournament in the central African country of Gabon. Source
  • Trump's victory creates uncertainty for wind and solar power

    Economic CTV News
    HONOLULU -- President Donald Trump has disputed climate change, pledged a revival of coal and disparaged wind power, and his nominee to head the Energy Department was once highly skeptical of the agency's value. What this means for states' efforts to promote renewable energy is an open question. Source
  • OPEC, allies says production cuts ahead of schedule

    Economic CTV News
    VIENNA -- OPEC and key non-OPEC oil producers are near their target of taking 1.8 million barrels of crude a day off global markets less than two months after agreeing to do so in efforts to push up the price of crude, Russia's energy minister said Sunday. Source
  • Non-browning apple coming to U.S. next month but Canada will have to wait

    Economic CBC News
    The genetically modified non-browning apples a B.C. man has been developing for more than two decades will finally show up on some U.S. produce shelves next month. But Canada will have to wait to take its bite. Source
  • Tax scams and testing 'the Trump effect': CBC Marketplace's consumer cheat sheet

    Economic CBC News
    Miss something this week? We got you. Here's this week's Marketplace cheat sheet. Get this in your inbox every Friday. Sign up for the Marketplace newsletter. Poor puppy Liza Shepherd holds up picture of Abby, the Bernese Mountain Dog cross that cost her $6,000 in vet bills. Source
  • How to fight back against rising bank fees on chequing accounts

    Economic CBC News
    Canada's big banks continue to enjoy big profits. But that hasn't stopped them from charging customers a host of personal banking fees. In fact, fees have become an ever more important part of their revenues. Source
  • Bogus bongs or bogus lawsuits? Pipe maker sues over fakes

    Economic CTV News
    FORT LAUDERDALE, Fla. -- Don't want to bum your buzz, but that expensive bong you got cheap to smoke your pot may be bogus. High-end German glass water pipe maker Roor and its American licensee are filing lawsuits against smoke shops and mom-and-pop convenience stores in Florida, California and New York. Source
  • 'There isn't a best card out there': How to choose a credit card that works for you

    Economic CBC News
    Credit cards are sometimes lambasted as high-cost consumer debt that can quickly get borrowers into trouble. But if you pay off the balance each month, credit cards can also have significant perks. Loyalty programs like Air Miles, which has both a standalone program and partnerships with credit cards, have drawn a lot of criticism lately, but Canadians are still attached to credit cards that offer rewards. Source
  • Chevron says it has won the latest round in an Ecuadorian legal battle

    Economic CTV News
    Oil giant Chevron Corp. says it has won a round in the Canadian courts in a complex legal battle with a group of Ecuadorian villagers who are trying to collect on a massive judgement they won in Ecuador's courts. Source
  • Liberals ask President Trump to approve Keystone XL pipeline

    Economic CTV News
    Canada’s natural resources minister says that he hopes the new U.S. administration will allow the Keystone XL pipeline quashed by Barack Obama to proceed, noting that all Canadian regulatory approvals are in place. Jim Carr spoke to CTV’s Power Play from Washington, D.C. Source