Reuters

(Reuters)

Valeant Starts CEO Search, Adds Bill Ackman to Board

Business Leaders Dow Jones Newswires

Valeant Pharmaceuticals International Inc. said Monday that it has begun a search for a new chief executive to succeed J. Michael Pearson and named William Ackman to its board. 

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The moves come after Valeant shares plunged last week following the drugmaker's reduced earnings guidance, warning about a potential debt default and contentious call that turned off analysts and investors. 

Mr. Pearson will continue to serve as CEO and a director until his replacement is appointed. 

Write to Tess Stynes at tess.stynes@wsj.com

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