Shares in Valeant Pharmaceuticals are sliding today after the company confirmed the rumors that its CEO Michael Pearson will be on a medical leave of absence effective immediately as he undergoes treatment for a severe case of pneumonia.
At time of writing, Valeant’s shares had fallen by 9.3% in early trading after the release of this news. The company has announced that in Mr. Pearson’s absence, it has created an Office of the Chief Executive Officer, consisting of EVP and General Counsel Robert Chai-Onn, EVP and Company Group Chairman Dr. Ari Kellen and EVP and Chief Financial Officer Robert Rosiello that will serve on an interim basis.
Also, Valeant has created a committee to oversee and support the Office of the CEO. This...
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