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pharmiweb.com today | 29 August 2015

Valeant Pharmaceuticals Announces The Addition Of D. Robert Hale To Its Board Of Directors

Valeant Pharmaceuticals International, Inc. (NYSE: VRX) (TSX: VRX) today announced the addition of D. Robert Hale, Partner of ValueAct Capital, to its board of directors and the resignation of Jeffrey W. Ubben, CEO and CIO of ValueAct Capital, effective as of August 19, 2015. 

ValueAct Capital, an investment firm based in San Francisco with over $20 billion under management, owns approximately 4% of the outstanding stock of Valeant, and has been a shareholder in Valeant since 2006.  As a Partner and member of the investment team of ValueAct Capital, Hale has worked closely with the board and management team of Valeant since January 2011.  Hale will be the fourth Partner of ValueAct Capital to serve on the Valeant Board, following Mason Morfit,Brandon Boze, and Jeff Ubben....

"Over the past year, Jeff brought a strong shareholder perspective to our Board of Directors, and we have immense gratitude for his service," said J. Michael Pearson, chairman and chief executive officer of Valeant. "We are delighted that we will continue to have Board representation from ValueAct Capital, a committed shareholder with a focus on long term value creation.  We have gotten to know Rob well over the past five years and are glad that he will now serve as a Director.  Rob's strategic and financial expertise will add a valuable perspective to our Board."

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