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Valeant CEO Takes Medical Leave; Executive Team to Run Drugmaker

Pearson hospitalized last week with severe case of pneumonia
Board members Ingram, Morfit, Schiller to oversee CEO office

Video player cover image — Valeant CEO Pearson Takes Medical Leave

By

Crayton Harrison and

December 28, 2015, 1:02 PM UTCUpdated onDecember 28, 2015, 3:24 PM UTC

Valeant Pharmaceuticals International Inc. Chief Executive Officer Michael Pearson is taking a medical leave of absence, putting management of the embattled drugmaker in the hands of a team of executives.

In a statement Monday, the company gave no update on the condition of Pearson, who was hospitalized last week with a severe case of pneumonia. The shares sank 8.7 percent to $104.14 at 10:16 a.m. in New York.