Following the hospitalization of Valeant Pharmaceuticals CEO J. Michael Pearson for pneumonia, the company has appointed Howard B. Schiller as interim CEO.
Schiller served as chief financial officer for the drugmaker from December 2011 through June 2015. He currently serves on Valeant's board of directors. The company also has announced that Lead Independent Director Robert Ingram has been appointed to serve as interim chairman of the board.
The timing of Pearson’s return is uncertain, and he will remain on medical leave until further notice, Valeant says in a statement.
The news comes at a time when the company has been in hot water with lawmakers. The Senate Special Committee on Aging held a hearing in December, in which members took turns vilifying specialty drugmakers — including Valeant — for allegedly abusing a lack of competition by increasing prices on drugs and limiting access to their products to thwart competition.