Valeant says ex-CEO Pearson to act as consultant until end 2017
Valeant Pharmaceuticals International Inc. said Tuesday that former Chief Executive Michael Pearson will continue to act as consultant to the company until December 31 of 2017 as part of his separation agreement with the company. Pearson, who was terminated on May 2, will be paid severance of $9 million and will be entitled to a pro-rated annual bonus for the 2016 fiscal year, the company said in a filing with the Securities and Exchange Commission. Pearson remains bound by the company's confidentiality and non-compete agreement and has been asked to sign a non-disparagement agreement. Valeant shares were slightly higher in morning trade, but are down 72% in the year so far, amid a scandal over the company's drug pricing policies and accounting practices.
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