Valeant Announces CFO Succession Plan And Additional Executive Appointment

Valeant Pharmaceuticals International has announced that Howard B. Schiller has advised the company of his decision to step down as CFO once a successor is appointed. To facilitate a smooth transition, Mr Schiller will remain in his current position as the search for his replacement proceeds. With the support of Valeant's Board of Directors, Mr Schiller will remain on the Valeant Board and, with the Board's continued recommendation, intends to stand for re-election as a director at the annual shareholder meeting in May.

"Over the past few years, Howard has been an integral part of the management team at Valeant — his unwavering commitment, tireless work ethic, strong intellect and good judgment have helped increase our market capitalization from under $14 billion when he joined to nearly $70 billion today, while positioning the company for sustainable growth and continued success," said J. Michael Pearson, Valeant's chairman and CEO. "We are grateful that Howard has agreed to remain in his current role as CFO while we conduct a search for his successor and look forward to his continued involvement with Valeant as a Board member. On behalf of the entire Valeant team, I want to thank Howard for his dedicated service to Valeant and wish him all the best in his future endeavors."

Mr Schiller stated: "My time at Valeant has been incredible, and I am very proud of all that we have accomplished together. Although I am leaving to pursue new opportunities most likely in areas outside of a publicly-traded company, I look forward to working closely with Mike and the rest of the management team to ensure a seamless transition of my CFO responsibilities and to continuing to serve on the Board of a company with enormous potential to deliver even more long-term value for shareholders."

Mr Schiller, 53, joined Valeant in December 2011 as CFO and was appointed to the Board of Directors of Valeant in September 2012.

The company has also announced that Anne C. Whitaker, former President and CEO of Synta Pharmaceuticals, will join Valeant's Executive Management Team as Executive Vice President and Company Group Chairman.

Pearson added: "Anne is an accomplished pharmaceutical executive with more than 24 years of experience in key leadership roles across healthcare sales, marketing and commercial management both in the GI space and oncology. She also has a proven track record of success in delivering sustainable growth and profitability, and we look forward to her contributions to Valeant."