Valeant Shares Rise as CEO Steps Down, Ackman Joins Board: Chart

Shares of Valeant Pharmaceuticals International Inc. climbed following a trading halt after the company said Chief Executive Officer Mike Pearson will step down in a shakeup of the board and management. Bill Ackman, the billionaire investor whose Pershing Square Capital Management LP is one of the drugmaker’s biggest investors, will join the board. Valeant shares fell 61 percent last week after the company cut its 2016 forecast, reported weak fourth-quarter results and said it was at risk of breaching some of its debt agreements.

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