Valeant Slumps as New CEO Faulted by Successor at Perrigo
- Perrigo’s new CEO calls recent track record ‘unacceptable’
- Papa hired to improve Valeant’s fortunes after missteps
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Shares of Valeant Pharmaceuticals International Inc. fell 5.4 percent after the past performance of its new chief executive officer, Joseph Papa, was criticized by the CEO who succeeded him at his previous company.
Papa, who took over this month to help turn around the embattled Valeant, was hired from Perrigo Co., a maker of generic drugs he had led since 2006. His successor at Perrigo, John Hendrickson, lambasted the company’s performance on Thursday, saying in a conference call with analysts that “recent track record of performance against our own expectations is unacceptable.” He also said he’s targeting ”realistic” forecasts the company can meet.