Valeant Names Interim CEO

Howard B. Schiller has been appointed interim chief executive officer of Valeant Pharmaceuticals, effective immediately. Mr. Schiller served as chief financial officer from December 2011 through June 2015 and currently serves on Valeant’s board. J. Michael Pearson remains on a medical leave of absence until further notice, his expected return is uncertain.

Mr. Schiller joined Valeant following a 24-year career at Goldman Sachs, and from 2009 to 2010, was the chief operating officer for the Investment Banking Division. Prior to that he was responsible for the global healthcare, consumer products, retail, industrial and natural resource businesses in the Investment Banking Division of Goldman Sachs.

Mr. Ingram has been serving on Valeant’s board since September 2010, and served as chairman from December 2010 to March 2011. Mr. Ingram also held positions with Hatteras Venture Partners, and served as a special advisor to the chief executive officer of GlaxoSmithKline. He served as vice chairman pharmaceuticals of GSK from 2002 through 2009 and chief operating officer and president of Pharmaceutical Operations.

“Valeant is a strong company with a collection of great franchises and strong healthcare brands, innovative strategies and an exceptionally productive approach to R&D. I appreciate the confidence the Board has placed in me as I step into this role while Mike focuses on his health. Our future is incredibly bright and I am looking forward to working with the rest of the senior leadership, as well as the entire Valeant team, to continue to execute on our strategic plan,” said Mr. Schiller.