All change at Valeant, as CEO ousted and CFO asked to leave

Troubled Canadian drugmaker Valeant Pharmaceuticals International (TSX: VRX) today announced that it has initiated a search for a new chief executive officer, appointed William Ackman, chief executive of hedge fund Pershing Square Management and a major shareholder (9% stake), to its board of directors, and provided an update on certain accounting and financial reporting matters.

Current long-time CEO Michael Pearson, who has been ousted, will continue to serve in this position and as a director until his replacement is appointed. The news pushed Valeant’s beleaguered shares up 8.7% at $29.32 mid-morning.

Robert Ingram, chairman of the board, stated: "While the past few months have been difficult, Valeant has a collection of leading brands, valuable franchises and great people, and I am confident that the company will be able to rebuild its reputation and thrive under new leadership.”