Valeant senior official leaves amid Allergan takeover battle

Sat Jun 14, 2014 11:46am EDT
 
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By Olivia Oran and Rod Nickel

June 14 (Reuters) - An executive vice-president of Valeant Pharmaceuticals International Inc will leave the company, even as the Canadian drugmaker fends off criticism about management turnover from its takeover target Allergan Inc .

Executive vice-president and company group chairman Ryan Weldon will leave, Valeant confirmed late on Friday after inquiries by Reuters. Like Chief Executive Mike Pearson, Weldon previously worked for management consulting firm McKinsey & Co.

Valeant said Weldon's departure was planned, and takes effect after it completes a $1.4 billion sale of several injectable treatments to Nestle SA. The sale was made to allay potential anti-trust concerns about Valeant's takeover bid for Allergan.

"Although his leadership will be missed, the company has created and developed a strong management team and I am confident Ryan will assist us successfully through this transition period," Pearson said in a statement.

Weldon called his six years at Valeant "extraordinary" and said it was a privilege to work with Pearson and the rest of the company.

Weldon exits as Allergan has criticized Valeant's "significant management turnover" and accused the Laval, Quebec-based company of lacking the experience to manage complex global businesses.

In a May 27 investor presentation, Allergan said that of the current management team, only Pearson and general counsel Robert Chai-Onn were in executive officer positions three years ago.

Pearson answered that criticism and others the next day, in a 3-1/2 hour meeting with investors and analysts in New York.   Continued...