Valeant Pharmaceuticals Adds Three New Independent Directors To Its Board

Valeant Pharmaceuticals International, Inc. (NYSE:VRX, TSX:VRX) announced that Dr. Fred Eshelman, Mr. Stephen Fraidin and Mr. Thomas W. Ross, Sr. have joined its Board of Directors as independent directors, effective March 8, 2016. Valeant also announced that Dr. Anders Lonner has stepped down as a director due to other priorities and personal commitments, effective March 8, 2016. With these changes, Valeant has increased the size of its board to 14 members, 12 of whom are independent.
According to the news:

Fred Eshelman is a 35-year veteran of the pharmaceutical industry and is the founder and former Chief Executive Officer and Executive Chairman of Pharmaceutical Product Development, Inc. (formerly NASDAQ: PPDI). Dr. Eshelman was also the founding chairman of Furiex Pharmaceuticals, Inc., a drug development company that collaborated with pharmaceutical and biotechnology companies to increase the value of their drug candidates by applying an accelerated approach to drug development.
Stephen Fraidin is widely recognized as one of the country’s leading M&A lawyers, having worked in the industry for more than 40 years. He is currently Vice Chairman at Pershing Square Capital Management L.P.
Thomas W. Ross served as President of the University of North Carolina from 2011 to 2016.  Before that, he served as a North Carolina Superior Court judge for 17 years.

Robert A. Ingram, chairman of the board commented:

We are pleased that these three experienced and capable leaders have agreed to join our Board. We look forward to working collaboratively with Fred, Steve and Tom to enhance value for Valeant’s shareholders and strengthen relationships with our other important constituents.  Fred’s extensive experience in the pharmaceutical industry, Steve’s business, legal and corporate governance acumen, and Tom’s broad public policy expertise are valuable additions to the Board as we strengthen the Company’s corporate governance practices and move the company forward.
As Valeant grows, it is essential that our directors have the appropriate mix of skills and experience necessary to support management. We are strongly committed to strengthening the management team through a careful succession planning process for all of our key positions and will consider further enhancing the Board with additional candidates who have complementary perspectives and expertise.

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