Valeant CEO Pearson on the mend, but timing of return uncertain
- Valeant CEO Michaeal Pearson told company employees he is "on the road to recovery," but is not yet certain on when he will return to his post, according to a memo released by Valeant.
- Pearson was hospitalized back in December for severe pneumonia. In the memo, he explained that "unexpected complications" led to a longer stay in the hospital than he originally expected.
- Valeant has scrambled to fill the void left by Pearson, first naming a three-person executive team to replace him before appointing former CFO Howard Schiller as interim CEO on January 6th.
The timing of Pearson's hospitalization has been unfortunate for the company. Valeant's once high-flying stock had stumbled from ongoing criticism over its pricing strategy and its now-severed relationship with the specialty pharmacy Philidor.
Pearson had begun Valeant's efforts to reposition itself, leading the company to a new distribution deal with Walgreens.
As Pearson recuperates, scrutiny on the company continues. The House Committee on Oversight and Government Reform has asked interim CEO Schiller to testify on the company's pricing strategy in a hearing now scheduled for February 4th.
In his memo, Pearson conceded the past few months have been difficult, but stated his conviction the company will "emerge stronger than ever."