Valeant has added Robert Hale, a partner at ValueAct Capital, to its board of directors.
Hale will be the fourth partner of ValueAct Capital, which holds approximately 4% of Valeant’s outstanding stock, to serve on the Valeant board.
ValueAct Capital has been a shareholder in Valeant since 2006 and as a partner there Hale has worked closely with the board and management team since January 2011.
He said: “It’s an exciting time for Valeant as the company positions itself for long-term growth and leadership in the pharmaceuticals and medical products industry.”
Meanwhile, Jeffrey Ubben, CEO and CIO of ValueAct Capital has resigned from the board.
He said: “I have had a wonderful experience serving as director of Valeant. While I no longer serve as a director, I look forward to working with Mike Pearson and the Valeant team as an interested shareholder on an on-going basis.”
Michael Pearson, chairman and CEO of Valeant, said: “We are delighted that we will continue to have board representation from ValueAct Capital.
“We have gotten to know Rob well over the past five years and are glad that he now serves as a director. Rob’s strategic and financial expertise will add a valuable perspective to our board.”
Hale, prior to his current position, was principal of The Parthenon Group working at both their Boston and Mumbai offices.