Newspaper article The Canadian Press

Key Valeant Shareholder Says Drugmaker Weeks Away from Hiring New CEO

Newspaper article The Canadian Press

Key Valeant Shareholder Says Drugmaker Weeks Away from Hiring New CEO

Article excerpt

Valeant weeks away from new CEO: Ackman

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MONTREAL - Valeant Pharmaceuticals is weeks away from hiring a new CEO to oversee the embattled drugmaker's turnaround, one of the company's largest investors said Wednesday.

Bill Ackman of Pershing Square Capital Management, who also recently joined the Quebec-based company's board of directors, said there are a number of candidates for the top job under consideration.

"The best time to be CEO is when expectations are extremely low and the starting valuation is extremely low," he said in a conference call from London after Pershing Square reported its first-quarter results.

"And Valeant certainly offers that."

Late last month, the company announced Michael Pearson was leaving as CEO after eight years. …

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