Valeant Pharmaceuticals names interim CEO

Valeant Pharmaceuticals International announced in a press release that it has appointed Howard B. Schiller as interim CEO.

Schiller was Valeant’s chief financial officer from December 2011 through June 2015 and has served on Valeant’s Board of Directors since 2012, according to the release. J. Michael Pearson, Valeant’s CEO, is on medical leave of absence and remains in the hospital where he is being treated for pneumonia, and the timing of his expected return is uncertain, the release stated.

Robert Ingram, lead independent director, will serve as interim chairman of Valeant’s Board of Directors, according to the release.

"As Mike's medical leave continues, and the timing of his recovery and return remains uncertain, Howard will now step in as CEO on an interim basis,” Ingram stated in the release. “Howard's performance as Valeant's CFO, as well as his deep understanding of Valeant's operations, are excellent and we are grateful that he has agreed to take on this role. The board will continue to work closely with Howard and the other members of the senior management team to implement Valeant's strategy successfully in Mike's absence."

Schiller joined Valeant following a 24-year career at Goldman Sachs, according to the release.

"Valeant is a strong company with a collection of great franchises and strong health care brands, innovative strategies and an exceptionally productive approach to R&D,” Schiller stated in the release. “I appreciate the confidence the board has placed in me as I step into this role while Mike focuses on his health.”

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

Reference: www.valeant.com