Photo: Getty Images

Valeant Pharmaceuticals International Inc. Chief Executive Officer Mike Pearson will step down in a board and management shakeup after a series of controversies that culminated in a 61 percent drop in the shares last week.

The drugmaker has started a search to replace Pearson, who will stay CEO until a successor is found, according to a statement Monday. Bill Ackman, the billionaire investor whose Pershing Square Capital Management LP is one of the drugmaker’s biggest investors, will join the board. Valeant said it asked former Chief Financial Officer Howard Schiller, who took over for Pearson during a two-month medical leave, to resign from the board following “improper conduct.” Schiller, in a statement via his law firm, said he never engaged in any improper conduct and refused to step down as director.

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

Already have an account?

 

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2022 ALM Global, LLC. All Rights Reserved.