Elevate your local knowledge

Sign up for the iNFOnews newsletter today!

Select Region

Selecting your primary region ensures you get the stories that matter to you first.

Valeant to replace CEO, adds activist investor to board

Embattled drug company Valeant Pharmaceuticals says it is looking for a new CEO and has added activist investor William Ackman to its board of directors.

Valeant Pharmaceuticals International Inc. says current CEO J. Michael Pearson will stay until his replacement has been appointed. Pearson just returned from a two-month medical leave.

The Canadian company says Ackman is joining its board immediately. His Pershing Square Capital Management holds a 9 per cent stake in the drug company and already has another executive, Stephen Fraidin, on Valeant’s board.

Valeant shares fell below $26 shortly before markets opened Monday. The stock has plunged since reaching an all-time high price of $263.81 high last August.

News from © The Associated Press, . All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.

Join the Conversation!

Want to share your thoughts, add context, or connect with others in your community?

Create a free account

The Associated Press

The Associated Press is an independent global news organization dedicated to factual reporting. Founded in 1846, AP today remains the most trusted source of fast, accurate, unbiased news in all formats and the essential provider of the technology and services vital to the news business. More than half the world’s population sees AP journalism every day.

Related Articles