Valeant Nominates New Board Members After Filing Annual Report

Valeant Changes Strategy, Overhauls Board

Valeant Pharmaceuticals International Inc. nominated new board members as the drugmaker overhauls its strategy and governance under incoming chief executive officer Joseph Papa, who will take over next month.

The additions include three additional independent directors, Argeris Karabelas, Russel Robertson and Amy Wechsler, according to a statement Friday.

Neither outgoing Chief Executive Offer Mike Pearson nor former Chief Financial Officer Howard Schiller will stand for re-election and five independent directors have also told the board they will not run again, including Ronald Farmer, Colleen Goggins, Theo Melas-Kyriazi, Mason Morfit and Norma Provencio.

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