Valeant Says Joseph Papa Has Assumed The Role Of CEO

Valeant Pharmaceuticals International Inc. said Tuesday that Joseph Papa has assumed the role of chief executive and chairman, replacing former CEO Michael Pearson. Papa, who is the former CEO of drug company Perrigo Co. PLC said he is "confident we will succeed in better serving our customers and realizing the exceptional potential of the company." Valeant has been under fire over its accounting practices and drug pricing strategy, pushing its shares down 85% in the last 12 months. Shares were slightly higher in premarket trade.