Valeant names Joseph Papa as new chief executive officer
pharmafile | April 25, 2016 | Appointment | Manufacturing and Production, Medical Communications, Research and Development, Sales and Marketing |Â Â CEO, Chairman, Valeant, joseph papa, new, new ceo, papa, pearsonÂ
Valeant Pharmaceuticals has announced that Joseph C. Papa will succeed Michael Pearson as chairman and chief executive officer of the company from early May.
Papa will join the troubled company from Perrigo Company plc where he held the same roles. The news comes in an already massive week for Valeant, with the outgoing Pearson due to appear before a US Senate Aging Committee and the long awaited filing of the company’s Form 10-K for the year ending 31 December 2015 due by the end of the week.
He will need to act quickly to turn things around at Valeant, who has been subject to one controversy after another throughout the last 9 months. Papa, aged 60, has over 35 years of experience in the pharmaceutical, healthcare services and speciality pharmaceutical industries. He’s been CEO of Perrigo since 2006 and was appointed chairman in 2007. During his tenure, he led the company to net sales of more than $5 billion per year.
Previously, Papa held senior roles in Cardinal Health inc, Watson Pharmaceuticals and DuPont. While at Novartis and Pharmacia/ Searle, he was responsible for the successful launches of Diovan, Celebrex and Lotrel.
Robert Ingram, chairman of the board, says: “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. In addition, fostering an ethical culture and creating opportunities for professional development have always been high priorities for Joe, and we look forward to Joe’s arrival at Valeant.”
“I am excited to take on the challenge of leading Valeant and helping the company chart a new course,” comments Papa. “Valeant has world-class franchises, important treatments for patients across numerous therapeutic areas and a very talented and dynamic workforce, and I am confident that the company has a bright future ahead. 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.”
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