Goldfarb Exits as Sequoia's Valeant Debacle Caps 45-Year Career
- Ruane Cunniff CEO helped build fund's strong long-term record
- David Poppe takes helm at the investment firm and mutual fund
The headquarters of Valeant Pharmaceuticals International, Inc. stands in Bridgewater Township, U.S., on Wednesday Nov. 04, 2015.
Photographer: Michael NagleThis article is for subscribers only.
It could not have been the way Robert Goldfarb hoped to finish his career.
Goldfarb, 71, chief executive officer of Ruane, Cunniff & Goldfarb and co-manager of the Sequoia Fund, is retiring after the firm’s investment in troubled drugmaker Valeant Pharmaceuticals International Inc. marred the reputation of a mutual fund that traces its roots to billionaire Warren Buffett. David Poppe, who co-managed the $5.6 billion fund with Goldfarb, will become the lead manager and replace him as the company’s CEO, the firm said Wednesday in a letter to shareholders.