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.
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