Valeant Pharmaceuticals International Inc. is preparing to namePaul Herendeen, an executive at veterinary drugmaker Zoetis Inc.,as its new chief financial officer, according to people familiarwith the matter.
|The announcement will mark the latest management change at theembattled drugmaker, which replaced CEO Michael Pearson earlierthis year. Herendeen has been working as CFO at Zoetis since September 2014.Before that, he was CFO of specialty drugmaker Warner Chilcott Plc,according to Zoetis's website.
|He replaces Robert Rosiello, who will remain at Valeant in anexecutive role involving corporate development and strategy,according to the people who spoke on condition of anonymity becausethe matter was still private. At Zoetis, Herendeen will be replacedby Glenn David, the company's senior vice president of financeoperations.
|A Valeant spokeswoman declined to comment.
|The company announced in April that Joe Papa, who had been CEOof Perrigo Co., would take over from Pearson. Two months later,Valeant appointed a new chief accounting officer, who assumed thoseduties from Rosiello. Other top executives have left as well.
|Valeant's shares have dropped almost 90% from their August 2015high amid allegations that a mail-order pharmacy connected to thedrugmaker used questionable tactics to gain more insurancereimbursements for its medicines, and the drugmaker is facingmultiple investigations.
|Herendeen's appointment was reported earlier by the Wall StreetJournal.
|Bloomberg News
|Copyright 2018 Bloomberg. All rightsreserved. This material may not be published, broadcast, rewritten,or redistributed.
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