Valeant Pharmaceuticals has found a replacement for CEO Michael Pearson: It just poached Joseph Papa, who has resigned as CEO of over-the-counter drugmaker Perrigo. Papa will begin at Valeant in early May, beginning his tenure as Pearson steps down.
After a “thorough search process,” according to Valeant Chairman Robert Ingram, the company chose Papa for his “strong shareholder orientation, a background in science, and an unmatched track record of accomplishments.”
Valeant has been under immense pressure in the past year for the role it’s played in drug price gouging. It’s also been the subject of federal probes into its accounting and business practices – with the board taking exception to Pearson’s aggressive tactics to grow shareholder value at the expense of the company’s reputation.
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Pearson was subpoenaed last month to testify before a Senate committee investigating these drug hikes. He’s slated to appear in front of a special committee on aging on April 27 — the third of its kind, in which pharmaceutical companies have been questioned for their tactics in raising the price of decades-old drugs. The only other pharma exec to be subpoenaed was former Turing Pharmaceuticals CEO Martin Shkreli.
In a statement, Valeant Chairman Robert Ingram lauded Papa’s focus on “fostering an ethical culture.”
Papa is a seasoned pharmaceutical executive, having worked more than 35 years in the industry. He has served as CEO of Perrigo since 2006, building its net sales over a decade to more than $5 billion, according to the statement.
Photo: LinkedIn
