Valeant looking for new CEO as Pearson steps down - desperation calls for change?

valeant

Today it was announced that Valeant CEO Mike Pearson is officially walking away from his position with the pharmaceutical company, though he will stay on board until a replacement is established.

It was also announced that investor Bill Ackman, CEO of Pershing Square Capital Management and Valeant’s largest single shareholder, will join the company’s board of directors.

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The company has been under an unfortunate spotlight since it overstated the company’s earnings target by $600 million, which the company blamed on an accounting typo. The New York Times recently spelled out why Valeant’s credibility, both for shareholders and for those left to purchase over-priced drugs, has been seriously compromised at this point. It has been a train wreck, essentially.

Valeant has lost more than 90 percent of its value, bringing its worth more than $100 billion at $346 a share last summer to less than $11 billion and $35 a share today.

“It’s been a privilege to lead Valeant for the past eight years,” Pearson said in a statement, according to CNBC. “While I regret the controversies that have adversely impacted our business over the past several months, I know that Valeant is a strong and resilient company, and I am committed to doing everything I can to ensure a smooth transition to new leadership.”

Whomever takes over for Pearson will need to be the kind of person who is essentially willing to walk into a burning building and put out the fire single-handedly.