Valeant Pharmaceuticals International Inc. may replace as many as five of its directors as soon as Friday, according to a person familiar with the matter, as the company overhauls its strategy and governance and plans for the arrival of its new chief executive officer.
From the 14-person board, Chairman Robert Ingram, Audit Committee Chairwoman Norma Ann Provencio, Theo Melas-Kyraizi, Ronald Farmer and Mason Morfit may all be replaced, said the person, who asked not to be identified because the matter was private.
Morfit is president of ValueAct Capital Management LLC, one of Valeant’s biggest holders.
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