Valeant PharmaceuticalsInternational Inc. may replace as many as five of its directors assoon as Friday, according to a person familiar with the matter, asthe company overhauls its strategy and governance and plans for thearrival of its new chief executive officer.
|From the 14-person board, Chairman Robert Ingram, AuditCommittee Chairwoman Norma Ann Provencio, Theo Melas-Kyraizi,Ronald Farmer and Mason Morfit may all be replaced, said theperson, who asked not to be identified because the matter wasprivate.
|Morfit is president of ValueAct Capital Management LLC, one ofValeant’s biggest holders.
|Joe Papa, the former CEO of drugmaker Perrigo Co., is replacingoutgoing CEO Mike Pearson and will alsobecome chairman. The company announced in March that Pearson wouldstep down after months of turmoil at the company.
|Since its August peak, Valeant has lost more than 85 percent ofits stock market value, failed tofile its annual report, said it will restate some earnings from2014 and 2015 and announced that it is being investigated by theU.S. Securities and Exchange Commission.
|News about the board shakeup was first reported by the WallStreet Journal.
|Copyright 2018 Bloomberg. All rightsreserved. This material may not be published, broadcast, rewritten,or redistributed.
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