Valeant names Joseph C. Papa as new chairman, CEO

Valeant Pharmaceuticals International announced in a press release that its board of directors has named Joseph C. Papa as Valeant’s chairman and CEO.

Papa, chairman and CEO of Perrigo Company plc, a global health care supplier that develops and distributes over-the-counter and prescription pharmaceuticals, is expected to begin his new position in early May, according to the release. He will succeed J. Michael Pearson, who is expected to remain as CEO and a director until Papa begins at Valeant, the release reported.

“The board has conducted a thorough search process and believes that Joe is the ideal leader for Valeant at this time,” Robert Ingram, chairman of the board of directors, stated in the release. “He has a strong shareholder orientation, a background in science, and an unmatched track record of accomplishments, highlighted by his ability to lead companies through times of transition and drive excellence across commercial, manufacturing and R&D platforms. In addition, fostering an ethical culture and creating opportunities for professional development have always been high priorities for Joe, and we look forward to Joe's arrival at Valeant."

"I am excited to take on the challenge of leading Valeant and helping the company chart a new course," Papa stated in the release. “Valeant has world-class franchises, important treatments for patients across numerous therapeutic areas and a very talented and dynamic workforce, and I am confident that the company has a bright future ahead."

Papa, 60, has more than 35 years of experience in the pharmaceutical, health care services and specialty pharmaceutical industries, according to the release.

Reference: www.valeant.com