Valeant Says EVP Departure Was Not a Result Of Company Action

By Markets MarketWatch Pulse

Valeant Pharmaceuticals International Inc.'s stock dropped 1% in premarket trade Thursday, after the drug maker said late Wednesday that Executive Vice President Deb Jorn resigned, effective immediately. Jorn had been responsible for running Valeant's U.S. dermatology and gastrointestinal businesses. On Thursday, Valeant said in a statement that Jorn had decided to leave for personal reasons, and "not the result of any action taken by the ad hoc committee of the board of directors." The company had previously said it had set up an ad hoc committee to review accounting matters. The company announced earlier this week that it had several ongoing investigations, including by the Securities and Exchange Commission, and that it was delaying the release of fourth-quarter results. The stock has tumbled 11% year to date through Wednesday, while the S&P 500 has slipped 2.8%.

Continue Reading Below

Copyright © 2016 MarketWatch, Inc.