Pearson is out; Ackman is in. The former CFO, Howard Schiller, was asked to resign from the board, but refused to do so.
What?!
Ackman isn’t sending a surrogate in to represent Pershing’s interests. He’s doing it himself, telling of the seriousness surrounding this move. For Schiller to remain on board, obstinently, one could only imagine there is some serious turmoil behind the scenes.
After 8 years, Pearson is out, hung by his own petard.
Ackman’s statement regarding the appointment:
“I am looking forward to working with the board to identify new leadership for Valeant. The company’s large scale and dominant franchises in eye care, dermatology, GI, and other therapeutic areas coupled with its extraordinarily low valuation present a spectacular opportunity for a world-class health care executive. On behalf of all shareholders, we are extremely appreciative of Valeant employees’ hard work and commitment during this challenging time for the company.”
Ack-attack should’ve went hostile from the beginning, removing the troll, Pearson, from the company immediately. Instead, he had to wait until Nagasaki befell the share price and his fund to act. Hopefully, his actions aren’t too late. I don’t know what I’d do if Montauk Bill wasn’t around Wall Street kicking up dirt, making a big old soap opera of the place.
Alarmingly, it appears the entire biotech index is now tethered to the shares of VRX.
Another reason no current or former employees should ever be on the board of a company.
if he was willing to personally step in, why do it now? What’s the point of saving the last $25 a share after already taking $100+ bukake style on the chin?
Maybe he bought a boat load of calls on biotech last week and will cash them out this week?
Stupid Shanghai Copper Bubble, and stupid buyers of FCX and Aussie today, This article doesn’t even include the massive shadow inventories that China has, http://www.ft.com/intl/cms/s/0/4b059508-ef63-11e5-9f20-c3a047354386.html
Copper didn’t pop already?
Topped in 2011, but really starting to fall apart late 2013ish. All the bad loans used by it as collateral has been starting to come out, but they are still mining it like crazy with NO DEMAND needed out of China. China still has so much in storage (now more then the LME), China is trying to support the price but it is a loosing battle…just a matter of time.
You ought to change your handle to Debbie Downer