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Valeant CEO Pearson to return effective immediately

Monday, February 29, 2016 - 09:00

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Valeant Pharmaceuticals International said on Sunday that Chief Executive Officer Michael Pearson will return from medical leave effective immediately, and the drugmaker will postpone the release of fourth-quarter results planned for Monday.

[NEW YORK] Valeant Pharmaceuticals International said on Sunday that Chief Executive Officer Michael Pearson will return from medical leave effective immediately, and the drugmaker will postpone the release of fourth-quarter results planned for Monday.

The company said will also delay a conference call scheduled for Monday and withdraw its financial guidance for 2016. Last week, it said it would delay filing its audited 2015 annual report with the SEC and planned to restate some revenues and earnings from 2014 and 2015.

Board member Robert Ingram has been appointed chairman and interim CEO Howard Schiller will transition out of his position and return to the board, Valeant said.

On Friday, CNBC reported that Valeant's board of directors was mulling if Ms Pearson would return.

Ms Pearson went on medical leave in late December because of severe pneumonia, the company said.

REUTERS

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