Valeant Pharmaceuticals Intl Inc (NYSE:VRX) announced that Paul S. Herendeen has been appointed Executive Vice President, Finance and will take over the role of Chief Financial Officer from Robert L. Rosiello effective immediately. Mr. Rosiello will remain at Valeant as Executive Vice President, Corporate Development and Strategy.
Mr. Herendeen has more than 30 years of broad financial experience and leadership, including 16 years as CFO of Warner Chilcott and MedPointe. He joins Valeant from Zoetis, where he served as Executive Vice President and CFO for the past two years. As Valeant CFO, he will oversee all of the company’s finance functions, including: controllership, tax, and treasury, reporting directly to chief executive officer Joseph C. Papa.
“Paul is an accomplished and well respected financial executive, and we are delighted to welcome him to Valeant,” said Mr. Papa. “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. As we move forward, Paul and the other members of the executive management team will play vital roles in shaping the new Valeant.”
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Mr. Herendeen stated, “I am pleased to bring my experience and financial expertise to Valeant at this important point in its transformation, and I look forward to working with the leadership team and my finance colleagues to contribute to the company’s future success.”
In his new role, Mr. Rosiello will assume responsibility for Corporate Development and Strategy and continues as EVP and an Executive Committee member, reporting directly to Joe Papa.
“I consider Rob Rosiello a trusted colleague,” said Mr. Papa. “At a critical time, he led our team through a financial restatement, oversaw the process of becoming current in our SEC filings, and spearheaded our efforts to strengthen our finance team, particularly by recruiting a new chief accounting officer. Rob’s integrity, work ethic and business acumen will be assets as we further develop our strategies to improve people’s lives with our healthcare products.”
“Paul’s background and strong reputation as a public company CFO make him the ideal person to lead Valeant’s finance function,” said Mr. Rosiello. “In my new role I will leverage thirty-plus years of experience in corporate strategy to continue to work with Valeant’s top team for the benefit of our stakeholders.”
Paul S. Herendeen Biography
Paul S. Herendeen is Executive Vice President, Finance and Chief Financial Officer of Valeant Pharmaceuticals International, Inc. Prior to joining Valeant, he served as Executive Vice President and Chief Financial Officer of Zoetis Inc. for two years. From 2005 to 2013 and from 1998 to 2001, Mr. Herendeen served as CFO at Warner Chilcott, a specialty pharmaceuticals company. He rejoined Warner Chilcott after four years as EVP and CFO of MedPointe, a privately held health care company, where he served as CFO from 2001 until 2005. Prior to that, Mr. Herendeen spent nine years as a principal investor at both Dominion Income Management and Cornerstone Partners, where he worked on investments as well as mergers and acquisitions for the firms and their portfolio companies. He also spent the early part of his career in banking and public accounting, having held various positions with the investment banking group of Oppenheimer & Company, the capital markets group of Continental Bank Corporation, and as a senior auditor with Arthur Andersen & Company.
Mr. Herendeen earned a Master of Business Administration (MBA) from the University of Virginia’sDarden School of Business, and holds a bachelor’s degree in Business Administration from Boston College. (Original Source)
Shares of Valeant are up over 4% to $30 in pre-market trading Monday. VRX has a 1-year high of $245.82 and a 1-year low of $18.55. The stock’s 50-day moving average is $23.95 and its 200-day moving average is $37.17.
On the ratings front, Valeant has been the subject of a number of recent research reports. In a report issued on August 19, Piper Jaffray analyst David Amsellem reiterated a Sell rating on VRX, with a price target of $22, which implies a downside of 23.5% from current levels. Separately, on August 18, Canaccord’s Neil Maruoka reiterated a Hold rating on the stock and has a price target of $33.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, David Amsellem and Neil Maruoka have a total average return of -2.3% and -38.9% respectively. Amsellem has a success rate of 47% and is ranked #3441 out of 4025 analysts, while Maruoka has a success rate of 13.5% and is ranked #4025.
The street is mostly Neutral on VRX stock. Out of 17 analysts who cover the stock, 9 suggest a Hold rating , 6 suggest a Buy and 2 recommend to Sell the stock. The 12-month average price target assigned to the stock is $35.83, which represents a potential upside of 24.7% from where the stock is currently trading.
Valeant Pharmaceuticals International, Inc. is a multinational specialty pharmaceutical company that develops manufactures and markets a broad range of pharmaceutical products primarily in the areas of dermatology, eye health, neurology, and branded generics. The company operates through two operating and reportable segments: (i) Developed Markets and (ii) Emerging Markets.