Valeant Names Ex-CFO Howard Schiller As Interim CEO

Troubled drug company Valeant Pharmaceuticals International Inc. said Wednesday it has appointed a former finance director as interim chief executive, while its current CEO Michael Pearson remains in hospital with severe pneumonia. The company named Howard Schiller as interim CEO. Schiller was chief financial officer at Valeant from December 2011 through June 2015 and is currently a board member. He came to the company after a 24-year stint at Goldman Sachs . The company also named its independent director Robert Ingram as interim chairman of the board. The timing of Pearson's return remains uncertain and he will remain on medical leave until further notice, the company said in a statement. Valeant shares were down 3.8% in premarket trade, and have lost 30% in the last 12 months, while the S&P 500 has gained 0.7%.