Valeant CEO goes on medical leave, shares drop

4 January 2016

Shares in Valeant Pharmaceuticals International (NYSE: VRX) dropped over 10% on December 28 after the company said chief executive Michael Pearson is taking a medical leave with immediate effect.

The Canadian firm recently confirmed that Mr had been hospitalized due to a case of severe pneumonia. Valeant indicated that in Mr Pearson's absence, it has created an office of the chief executive officer, on which general counsel Robert Chai-Onn, chairman Ari Kellen and chief financial officer Robert Rosiello will serve in an interim capacity.

Further, the drugmaker's board of directors has formed a committee to oversee and support the office of the CEO which will include Ingram, ValueAct Capital president Mason Morfit and former Valeant chief financial officer Howard Schiller.

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