[ACCESSWIRE]
LONDON, UK / ACCESSWIRE / August 23, 2016 / Active Wall St. blog coverage looks at the headlines from Valeant Pharmaceuticals International, Inc. (NYSE: VRX) and Zoetis Inc. (NYSE: ZTS). Zoetis announced on August 21, 2016, that it had appointed Glenn David as its Executive Vice President and Chief Financial Officer (CFO). The announcement came in the wake of the resignation of Executive Vice President and CFO Paul S. Herendeen on August 18, 2016. On August, 22, 2016, Valeant Pharmaceuticals International, Inc. (NYSE: VRX) announced the appointment of Paul S. Herendeen to take on the role of CFO from Robert L. Rosiello. Register with us now for your free membership and blog access at: http://www.activewallst.com/register/.
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Churn in Top Management at Valeant
Valeant Pharma is a multinational specialty pharmaceutical company that develops, manufactures and markets products in the areas of dermatology, gastrointestinal disorders, eye health, neurology, and branded generics. The company has been plagued by legal and financial difficulties and has seen major churn in its top management. Joseph Papa had taken over as CEO only in April 2016. He has been taking drastic steps to strengthen the top management team to lead Valeant Pharma and gain investors' confidence. Bringing in Paul Herendeen would make it his third executive appointment since taking over as CEO. He had lured veteran Christina Ackermann from Novartis to take over as the new Counsel General and Scott Hirsch from the Citadel Investment Group to take over as Senior Vice President of Business Strategy and Communications.
Commenting on the appointment Joseph Papa said:
"Paul is an accomplished and well respected financial executive, and we are delighted to welcome him to Valeant. His prior experience as a public company CFO, strong operational focus and disciplined approach to financial management make him the ideal choice to lead our finance function as we execute on our plans to stabilize and transform the company."
Valeant Pharma, which is under tremendous pressure to pay off its debts, which amount to a staggering $31 billion and has been trying to rework its credit arrangements with its lenders to get some breathing space. It is also facing legal heat from T. Rowe Price Group, Inc. who last week sued the company on claims that its investors had lost billions of dollars on account of Valeant Pharma's fraudulent practices surrounding the mail-order pharmacy.
Benefits of appointing the new CFO
Paul Herendeen, who is 60, has more than 30 years of broad financial and leadership experience. Paul's rich experience in his stints with Zoetis and specialty pharma company Warner Chilcott would help Valeant Pharma in these difficult times. Zoetis had lured Paul out of retirement to take on the role of CEO at a time when it was facing pressure from its investors to reduce costs.
Warner Chilcott which was acquired by Allergan PLC in 2013 had been facing healthcare fraud charges for paying kickbacks to doctors for prescribing extra medication. Paul was with Warner Chilcott and Allergan for 10 years through this challenging period.
Time will only tell if the appointment of Paul by Joseph Papa was a successful strategic move that will result in bringing order to the chaos at Valeant Pharma.
Stock Performance
The news of the appointment of Paul Herendeen as the new CFO of Valeant Pharma pushed the stock upwards on August, 22, 2016. It rose by 8.80%, closing the day at $31.27. Valeant Pharma's shares has surged 37.03% in the past one month.
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