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Valeant CEO on Medical Leave

December 29, 2015

Board appoints officers and committee to oversee CEO role

Valeant Pharmaceuticals’ chairman and chief executive officer J. Michael Pearson will be on a medical leave of absence, effective immediately. Mr. Pearson was recently hospitalized and treated for a severe case of pneumonia.

Robert Chai-Onn, executive vice president and general counsel, Dr. Ari Kellen, executive vice president and group chairman, and Robert Rosiello, executive vice president and chief financial officer, will fill the role during his absence. 

The board of directors has also created a committee to oversee and support the office of the CEO and will include Robert A. Ingram, lead independent director, G. Mason Morfit, president, ValueAct Capital, and Howard B. Schiller, former chief financial officer for Valeant.

"Our thoughts are with Mike and his family," said Robert Ingram. "Out of respect, we will be honoring his family's request for privacy and will not be commenting further on his condition at this time." 
Ingram added, "In the meantime, the Board of Directors has full confidence in Rob, Ari and Rob to preserve continuity of the Valeant operations and protect the long-term strength of the company while Mike is out.  The Committee will be working closely with the entire management team to ensure that the company continues to operate normally while Mike focuses on his health. I am confident that with the vast industry and business knowledge from the management team and the Board of Directors, we will manage through this period."