Valeant Pharmaceuticals International Inc VRX.TO VRX.N said on Monday former Zoetis Inc ZTS.N executive Paul Herendeen will take over as chief financial officer from Robert Rosiello, effective immediately.
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Rosiello was to remain as vice-president for Corporate Development and Strategy.
The hire, expected to be announced Monday morning, is a continuation of the shakeup at the embattled drugmaker.
The company has been beset by months of turmoil.
Laval, Quebec-based Valeant tapped Perrigo Co Plc’s Chief Executive, Joseph Papa, to replace long-time CEO Michael Pearson earlier this year. Considering the recent history of Valeant, it seems that most people would stay away from the job of overseeing the books of this company. He is joining Valeant from Zoetis, where he served as executive vice president and CFO for the past two years.
Henderson replaces Robert Rosiello, who took on the CFO title previous year when former Valeant CFO Howard Schiller resigned.
Valeant’s USA -listed shares were up 5 percent in premarket trading on Monday. At the time, it was looking to cut costs in the face of pressure from investor William Ackman, who is also one of Valent’s big investors. Herendeen had over 30 years of financial experience, including in the CFO function at Warner Chilcott and MedPointe. Earlier this year, the company also had a close brush with defaulting on the terms of its debt due to a late annual- report filing. Mutual fund behemoth T. Rowe Price Group sued Valeant on claims that its investors had lost billions of dollars on account of Valeant’s “fraudulent scheme”.
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The company was still facing investigations from the US Congress, the US stockmarket regulator and federal prosecutors.
