Valeant names Papa CEO after he resigns from Perrigo
(Reuters) – Former Perrigo Co Plc head Joseph Papa was named Chief Executive Officer at Valeant Pharmaceuticals International on Monday, a role in which investors said he should focus on returning the company to growth. Papa will replace CEO Michael Pearson, whose years of frenzied dealmaking fueled double-digit profit increases at Valeant until scrutiny of its controversial relationship with a specialty pharmacy and history of sharp drug price increases hit its shares and sales last fall. Shares of Laval, Quebec-based Valeant rose on Monday after it announced the high-profile hire before losing about 2.2 percent in New York trading to close at $35.16.
