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| Boss axed at controversy-hit Valeant Pharmaceuticals | Boss axed at controversy-hit Valeant Pharmaceuticals |
| (35 minutes later) | |
| The boss of Valeant Pharmaceuticals is to step down, saying he "regrets the controversies" that have affected the drugs maker in recent months. | The boss of Valeant Pharmaceuticals is to step down, saying he "regrets the controversies" that have affected the drugs maker in recent months. |
| Michael Pearson, who will stay as chief executive until a replacement is found, said Valeant was still a "strong and resilient company". | Michael Pearson, who will stay as chief executive until a replacement is found, said Valeant was still a "strong and resilient company". |
| However, Valeant's former finance chief has declined to resign as a director. | |
| Shares in Valeant jumped 14% in early trading after heavy losses last week, driven by fears of a default. | Shares in Valeant jumped 14% in early trading after heavy losses last week, driven by fears of a default. |
| Valeant chairman Robert Ingram said: "While the past few months have been difficult, Valeant has a collection of leading brands, valuable franchises and great people, and I am confident that the company will be able to rebuild its reputation and thrive under new leadership." | Valeant chairman Robert Ingram said: "While the past few months have been difficult, Valeant has a collection of leading brands, valuable franchises and great people, and I am confident that the company will be able to rebuild its reputation and thrive under new leadership." |
| Activist investor William Ackman, who has a 9% stake in Valeant, has been appointed to the board. | |
| Investigations pending | |
| As a result of former chief financial officer Howard Schiller declining a request to step down from the board, Katharine Stevenson voluntarily resigned to make space for Mr Ackman, the company said. | |
| Valeant shares more than halved last week after it lowered revenue forecasts and said that delays in filing its annual results could result in a notice of default. | |
| The firm is also facing an investigation by the Securities and Exchange Commission into its relationship with pharmacy Philidor, and an investigation by the US Congress into its drug pricing. | |
| Mr Pearson recently returned to Valeant after taking a two-month leave of absence due to severe pneumonia. | Mr Pearson recently returned to Valeant after taking a two-month leave of absence due to severe pneumonia. |
| Valeant makes a range of drugs for skin, eye, stomach and neurological conditions. | Valeant makes a range of drugs for skin, eye, stomach and neurological conditions. |