Pearson named to lead Valeant
From Times Wire Services
Valeant Pharmaceuticals International named J. Michael Pearson, formerly of consulting group McKinsey & Co., as chief executive to succeed Timothy C. Tyson, who resigned.
Pearson will also become chairman immediately, replacing Robert A. Ingram, who will remain as lead director, the company said.
Valeant stock has lost 31% of its value in the last year. That includes a 17% drop Nov. 1 after the Aliso Viejo, Calif., company’s earnings missed estimates. Valeant last month sold U.S. and Canadian rights to hepatitis C drug Infergen to focus on more profitable drugs and streamline its sales force.
Pearson’s compensation will be linked “directly” to company performance, and he will buy $3 million in Valeant stock, according to the statement.
