Valeant's former CEO may remain as consultant through 2017

Tue May 31, 2016 9:18am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

NEW YORK May 31 (Reuters) - Michael Pearson, the former chief executive officer of Valeant Pharmaceuticals International , has signed a consulting agreement with the drugmaker that will run through 2017 and pay him hundreds of thousands of dollars, according to the separation agreement filed with regulators.

Pearson, who left Valeant on May 2 after a year in which it had drawn scrutiny for its sharp drug price increases, financial relationship with a specialty pharmacy and accounting practices, can earn $83,333 a month this year as a consultant.

Next year, the company agreed to pay him $15,000 per month for consulting services, plus expenses. If Valeant severs the consulting services, Pearson will still receive the payments that would have been due, the document said. (Reporting by Caroline Humer; Editing by Bill Trott)