Valeant CEO Steps Down Amid Fraud Allegations
Former Executive Found Guilty in Kickback Scheme
Michael Pearson to Resign as Chairman and CEO
NEW YORK -- Valeant Pharmaceuticals CEO J Michael Pearson is stepping down as chairman and CEO after former company executive Gary Tanner was found guilty of defrauding the company in a multimillion-dollar kickback scheme.
Pearson, who took home a hefty sum last year in severance pay and consulting fees, will be replaced on an interim basis by Robert Ingram, the company's chief financial officer.
The news comes as Valeant is facing a number of legal challenges, including a federal investigation into its pricing practices and a shareholder lawsuit alleging that the company misled investors about its financial health.
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