Valeant Pharmaceuticals Intl Inc (VRX) saw its stock jump on Monday following news that current CEO J. Michael Pearson is stepping down.
Valeant’s Board of Directors said that it’s currently looking for candidates to take over from its current CEO. Pearson has agreed to stay with the company until a replacement CEO can be found.
Valeant also added Pershing Square Capital Management CEO William Ackman to its Board of Directors. He is taking the place of Katharine Stevenson, who voluntarily gave up her seat. The Board wanted CFO Howard Schiller to step down, but he refused to.
Valeant stock was hit hard last week after it failed to file its Form 10-K on time and cut its earnings per share and revenue expectations
for the first quarter of 2016.
VRX shares were up 6% as of Monday morning.
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