Watch CBS News

​Embattled drugmaker Valeant names new CEO

Major damage feared from hail, tornadoes in Midwest
Severe storms threaten central U.S., and other MoneyWatch headlines 01:06

Embattled drugmaker Valeant Pharmaceuticals (VRX) has chosen Perrigo Co. CEO Joseph C. Papa to become its new CEO, replacing J. Michael Pearson.

Valeant said Monday that the 60-year-old executive will start early next month.

The Wall Street Journal reported last week that Valeant was finalizing a contract with Papa.

Valeant Pharmaceuticals International Inc. said last month that Pearson was leaving but would stay until his replacement is hired.

Pearson is scheduled to be deposed later this week by a Senate committee investigating the causes of soaring prescription medicine prices.

Valeant's stock jumped in early morning trading. The stock has plunged from all-time high prices it hit last year, as the Canadian drugmaker dealt with headaches like rising debt levels and federal probes into its accounting and business practices.

View CBS News In
CBS News App Open
Chrome Safari Continue
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.