LAVAL, Quebec, Dec. 28 (UPI) — The CEO and chairman of Valeant Pharmaceuticals International has taken medical leave for a severe case of pneumonia, the company said Monday.
J. Michael Pearson, 56, had been hospitalized in New Jersey for what Valeant called a severe case of pneumonia. The chief executive has since been moved to another hospital in an undisclosed location, however.
Valeant said in an announcement Monday that Pearson is now on medical leave from the company.
The pharmaceutical company has created an interim CEO office and oversight committee to handle day-to-day executive operations in the meantime, Valeant said in its announcement.
“Our thoughts are with Mike and his family,” Lead Independent Director Robert Ingram said. “Out of respect, we will be honoring his family’s request for privacy and will not be commenting further on his condition at this time.”
The company has been struggling since August amid criticisms and investigations of its drug-pricing and distribution policies. Between Aug. 5 and Dec. 24, shares of Valeant had lost 56 percent of their value, USA Today reported Monday.
Valeant stock (NYSE: VRX) fell more than 10 percent by the close of trading Monday.
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