Plc has chose to let its chief executive Joseph Papa join Valeant Pharmaceuticals International Inc.as CEO and replace him with president John Hendrickson, according to people familiar with the matter. Chairman and CEO Joseph C. Papa to become its new CEO, replacing J. Michael Pearson. Mr. Pearson will remain in his position until Mr. Papa takes over in early May.
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Papa, 60, has been CEO of Perrigo since 2006 and was appointed chairman in 2007.
Perrigo’s board agreed to waive a non-compete restriction on Mr. Papa’s contract regarding any move to a rival company, Reuters reported Monday. Prior to his time there, he was CEO and chairman of the technology services segment of Dublin, Ohio-based Cardinal Health.
The company said Perrigo’s former chief executive is expected to join Valeant early next month.
Valeant’s stock rose 2.1 per cent, or 78 cents per share, to $36.78 in Monday morning trading.
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“The board has conducted a thorough search process and believes that Joe is the ideal leader for Valeant at this time”, Robert Ingram, chairman of the board of directors, stated in the release. “In addition, fostering an ethical culture and creating opportunities for professional development have always been high priorities for Joe, and we look forward to Joe’s arrival at Valeant”.
