Valeant names McKinsey merger expert as its next CFO

Thu Jun 11, 2015 9:49am EDT
 
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June 11 (Reuters) - Valeant Pharmaceuticals International Inc has again reached into the ranks of business advisory firm McKinsey & Co to hire a senior executive, naming Robert Rosiello as its next chief financial officer on Thursday.

Valeant Chief Executive Michael Pearson had also moved to the company from McKinsey, and said he has worked with Rosiello for 20 years.

"I know his tremendous expertise in health care and in particular M&A, his unquestioned intellect, and work ethic and integrity will prove to be of great value to the Valeant organization and its shareholders," Pearson said in Laval, Quebec-based Valeant's statement.

Rosiello's experience heading McKinsey's global merger practice is especially important at Valeant, which has increased its revenue aggressively through a stream of acquisitions.

Valeant has counted on current CFO Howard Schiller to reassure investors about Valeant's financial performance amid criticism that its reporting practices are obscured by its frequent acquisitions.

Rosiello will replace Schiller on July 1. Schiller, who surprised analysts by announcing in April his intention to quit, will remain on Valeant's board and serve as a consultant.

Valeant's shares rose about 1 percent in morning trading in New York and Toronto. The stock had declined in pre-market activity as shareholder ValueAct Capital Management said it sold 4.2 million shares. (Reporting by Rod Nickel in Winnipeg, Manitoba; Editing by Peter Galloway)