Valeant Pharmaceuticals announces resignation of CFO

Valeant Pharmaceuticals has reported that Bary G Bailey, chief financial officer of the firm, has announced his retirement. Mr Bailey, who joined the firm in 2002 and worked on the restructuring of the company, will be replaced in this position by current financial controller Peter J Blott.

Mr Bailey will remain at Valeant until the end of May this year in order to assist with the transfer of his responsibilities to Mr Blott.

Having joined the company’s management team and board of directors in 2003, Mr Blott currently oversees all the financial information for the group, such as financial reporting, operations financing, forecasting and budgeting activities.

Timothy C Tyson, president and chief executive officer of the firm, stated that Mr Bailey had provided “outstanding contributions” to Valeant in the four years of his tenure and wished him well in his future activities.

“At the same time, we are very excited to appoint Peter to this critical role,” he said.

“I have known Peter for many years and his financial expertise and industry background will serve the company well now and into the future.”

Last August, Valeant announced that the chairman of the company, Robert W O’Leary, passed away at the age of 62.

The company appointed Robert A Ingram, a director for the company since 2003, to the position of chairman.