Valeant’s month-long search for a new chief executive has ended with its selection of Perrigo’s Joseph Papa to replace current CEO Michael Pearson in early May.
Papa will also take on the chairman’s role and join the Canadian pharmaceuticals company’s board of directors, taking Pearson’s place as a director on the board.
Robert Ingram, Valeant’s chairman of the board, said: “The Board has conducted a thorough search process and believes that Joe is the ideal leader for Valeant at this time.
“He has a strong shareholder orientation, a background in science, and an unmatched track record of accomplishments, highlighted by his ability to lead companies through times of transition and drive excellence across commercial, manufacturing and R&D platforms.”
Papa will join a troubled company that last month cut its revenue forecasts for 2016 and reported a fourth-quarter loss. The firm also missed the deadline for filing its 10k 2015 annual report and said last week that this should now be filed by 29 April.
To help him bring it back on-course Papa brings over 35 years of leadership and operations experience in the pharmaceutical and healthcare industries to the firm, including 20 years of branded prescription drug experience.
He moves to Valeant from his most recent role as chief executive officer and chairman of the board at Perrigo Company, the Dublin-based global healthcare supplier, which he has occupied since 2006.
Prior to Perrigo, Papa served as chairman and chief executive officer of Cardinal Health’s pharmaceutical and technologies services segment between 2004 and 2006, having joined from Watson Pharmaceuticals where he had served as president and chief operating officer from 2001.
During his 35 year career in pharmaceuticals, Papa has also held management positions at DuPont Pharmaceuticals, G.D. Searle & Company, Novartis and Pharmacia Corporation.
He said: “I am excited to take on the challenge of leading Valeant and helping the company chart a new course.
“We have an opportunity to move forward with a renewed focus on operating with integrity across all areas of the business and providing customers with safe and affordable products that improve their lives.”