Valeant up by 8% as new CFO is named

23 August 2016

Experienced finance leader Paul Herendeen has been named executive vice president and chief financial officer (CFO) of Canadian drugmaker Valeant Pharmaceuticals International (TSX: VRX).

Mr Herendeen takes over from Robert Rosiello, who will remain at Valeant as executive vice president, corporate development and strategy.

After the announcement of the appointment on Monday, Valeant’s volatile share price rose by almost 8% to $31.01, helping to arrest a decline in its value of more than 85% during what has been a disastrous year for the Quebec-based company with accusations of drug price hiking and other illegal practices.

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