Valeant Pharmaceuticals Intl Inc (NYSE:VRX) announced on Monday that Paul Herendeen, former Zoetis CFO and EVP will replace Robert Rosiello as the company’s new CFO. Rosiello, nonetheless, will keep his position as EVP of Corporate Development and Strategy.
The announcement adds to the series of executive changes that the company recently revealed.
Prior to his stint at Zoetis, Herendeen had served as the CFO of MedPointe Family Medicine and Warner Chilcott PLC. During the early years of his career, he had also served at Cornerstone Partners LLC and Dominion Income Management Corp. as a principal investor.
Herendeen expressed that he is delighted to take on important responsibilities at a crucial time for the company.
Joseph Papa, Valeant Pharmaceuticals International CEO, believes that Herendeen will be instrumental in the company’s long-term executions, lauding his decades of experience as a financial executive.
Similarly, analysts are confident that Herendeen joining Valeant Pharmaceuticals International will play an important role in the company’s potential comeback.
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Challenges Awaiting Herendeen
Given the company’s current financial position, Herendeen is burdened with tackling a number of major challenges under his new direction. First and foremost, he needs to validate whether or not the accounting practices of the company are manipulated.
Additionally, Herendeen enters the role meeting certain pressure from lenders. The company’s debt levels have vastly ballooned. However, the biggest challenge facing Herendeen is to transform Valeant Pharmaceuticals International into a substantially profitable company once again.
Corporate Leadership Changes
Earlier this month, Christina Ackermann was appointed as the company’s new EVP and General Counsel, replacing Robert Chai-Onn. Ackerman has already held numerous prior executive positions, including her roles as Senior VP (SVP) at Novartis International AG and General Counsel at its subsidiary, Alcon.
Meanwhile, Scott Hirsch has also been named as the new SVP of Business Strategy and Communications. Previously, Hirsch had served as the Lead Equity Research Analyst at Credit Suisse Group AG, where he had covered Specialty Pharmaceuticals and Generics.
Valeant has also announced that some of its corporate leaders will be given additional responsibilities under their respective offices. Accordingly, these changes promote the company’s growth prospects.
Ari Kellen, Valeant Chairman and EVP, has been tasked to oversee the Bausch & Lomb operations. Meanwhile, Anne Whitaker, Valeant Pharmaceuticals International Company Group Chairman and EVP, will oversee Canada and US Market Access and Commercial Services, as well as the company’s brands: Dendreon, Dermatology, Orapharma, Salix, and Women’s Health. Tom Appio, Valeant Pharmaceuticals International Company Group Chairman and EVP, will oversee International Market operations.
Moreover, Papa has created new roles with expanded responsibilities. Dennis Asharin has been named as the SVP of Manufacturing and Supply Chain; Joe Gordon as the SVP and GM of Consumer Business; Barbara Purcell as the GM of Neuro and Other, Generics and Obagi; Tage Ramakrishna, M.D., as the Chief Medical Officer (CMO) and President of Research and Development (R&D); and Kelly Webber, as SVP of (Global) Human Resources (HR).