Valeant Pharmaceuticals International Says CFO Resigns
ALISO VIEJO, Calif. -- Valeant Pharmaceuticals International today announced the resignation of its chief financial officer, Bary G. Bailey. Mr. Bailey joined the company in 2002 to work on its restructuring after the removal of the former management team. Consistent with succession planning discussions with the board of directors, Peter J. Blott, ACA, the company's group financial controller, has been appointed chief financial officer. Mr. Bailey will remain with the company through May 31, 2007 to assist with transition matters.
Timothy C. Tyson, president and chief executive officer, said, "On behalf of the board of directors and the Valeant management team, I want to thank Bary for his outstanding contributions to the company over the past four years. He has guided us through some very complex financial issues and we will all miss his leadership and counsel. We wish Bary well in his future endeavors. At the same time, we are very excited to appoint Peter to this critical role. I have known Peter for many years and his financial expertise and industry background will serve the company well now and into the future."
Mr. Blott is a member of the Valeant management team and has worked closely with Messrs. Bailey and Tyson and the board of directors since joining the company in 2003. He currently oversees all group financial information, including consolidation and financial reporting, operations finance, accounting shared services, and all planning, budgeting and forecasting activities. Prior to joining Valeant, Mr. Blott held several senior finance positions for Otsuka Pharmaceuticals Europe Ltd. and GlaxoSmithKline. Mr. Blott began his career at PriceWaterhouseCoopers in London where he qualified as a Chartered Accountant. He graduated with a BA (Hons) in Economics and Law from the University of Newcastle-upon-Tyne.
About Valeant
Valeant Pharmaceuticals International (NYSE:VRX - News) is a global specialty pharmaceutical company that develops, manufactures and markets a broad range of pharmaceutical products primarily in the areas of neurology, infectious disease and dermatology. More information about Valeant can be found at www.valeant.com.