Welcome to this week's Chutes and Ladders, our roundup of hirings and retirings throughout the industry. Please send the good word--or the bad--from your shop to Eric Sagonowsky (email) or Amirah Al Idrus (email | Twitter), and we will feature it here at the end of each week.
Valeant CEO Mike Pearson out as embattled drugmaker seeks new leadership |
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Following a tumultuous year that featured a number of high-profile slip-ups at Canadian drugmaker Valeant ($VRX), the company has finally decided to part ways with CEO J. Michael Pearson, clearing room for a new executive who will seek to turn fortunes at the embattled drugmaker. As part of the move, one-time Valeant enthusiast and activist investor Bill Ackman will take a seat on the company's board. While Pearson was out on medical leave earlier this year, the company compiled a short list of candidates for potential replacements that included ex-Sanofi ($SNY) CEO Chris Viehbacher and former Schering-Plough CEO Fred Hassan. The company's next chief will have to deal with investigations from Congress and the SEC, an internal probe over Philidor accounting missteps, a price hike controversy and the fact that some payers have frozen out Valeant meds as a result. On top of all that, debtors are reportedly preparing to press Valeant with tough new agreements since the company's back is against the wall. Story
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