Valeant Pharmaceuticals to Make Sweeping Changes to Board
Wednesday, April 27, 2016
Source: The Wall Street Journal
Valeant Pharmaceuticals International Inc. is planning sweeping changes to its board of directors as it moves to set a new tone at the top of a company under fire from politicians and investors for its management and drug-pricing practices.
The drugmaker is expected to announce as early as Friday that five of its long-standing directors have agreed to step down to make room for new nominees, according to people familiar with the matter. Four new directors are lined up to join the board, the people said. Their names couldn’t be learned, but they draw heavily from traditional pharmaceutical companies, the people said—a sign that Valeant is looking for credibility from an industry it has long criticized as bloated, slow-moving and wasteful.