Valeant Is Said to Hire Zoetis’ Paul Herendeen as CFOby
Valeant Pharmaceuticals International Inc. is preparing to name Paul Herendeen, an executive at veterinary drugmaker Zoetis Inc., as its new chief financial officer, according to people familiar with the matter.
The announcement will mark the latest management change at the embattled drugmaker, which replaced Chief Executive Officer Michael Pearson earlier this year. Herendeen has been working as CFO at Zoetis since September 2014. Before that, he was CFO of specialty drugmaker Warner Chilcott Plc, according to Zoetis’s website.
He replaces Robert Rosiello, who will remain at Valeant in an executive role involving corporate development and strategy, according to the people, who spoke on condition of anonymity because the matter was still private. At Zoetis, Herendeen will be replaced by Glenn David, the company’s senior vice president of finance operations.
A Valeant spokeswoman declined to comment.
The company announced in April that Joe Papa, who had been CEO of Perrigo Co., would take over from Pearson. Two months later, Valeant appointed a new chief accounting officer, who assumed those duties from Rosiello. Other top executives have left as well.
Valeant’s shares have dropped almost 90 percent from their August 2015 high amid allegations that a mail-order pharmacy connected to the drugmaker used questionable tactics to gain more insurance reimbursements for its medicines, and the drugmaker is facing multiple investigations.
Herendeen’s appointment was reported earlier by the Wall Street Journal.