Valeant Names Howard Schiller As Interim CEO As Mike Pearson Remains In The Hospital

Shares of Valeant Pharmaceuticals Intl Inc (NYSE: VRX) were trading lower by more than 9 percent early Wednesday before erasing all of the losses and trading in positive territory shortly after the opening bell.

Valeant Pharmaceuticals announced that Howard B. Schiller has been named as interim chief executive officer, effective immediately. The executive served as the company's chief financial officer from December 2011 through June 2015 and currently serves on Valeant's Board of Directors.

Valeant Pharmaceuticals' current CEO, J. Michael Pearson, remains in the hospital where he is being treated for severe pneumonia. The company noted the timing of his return is "uncertain" and he will remain on a medical leave of absence "until further notice."

Valeant Pharmaceuticals also announced that Robert Ingram, the Board of Directors' Lead Independent Director, will now serve as interim chairman of the Board.

"Valeant is a strong company with a collection of great franchises and strong healthcare brands, innovative strategies and an exceptionally productive approach to R&D," Schiller said. "I appreciate the confidence the Board has placed in me as I step into this role while Mike focuses on his health. Our future is incredibly bright and I am looking forward to working with the rest of the senior leadership, as well as the entire Valeant team, to continue to execute on our strategic plan."