'Tis the time of year for executive turmoil, apparently. Valeant Pharmaceuticals ($VRX) CFO Peggy Mulligan resigned abruptly, just a week after Chairman Bill Wells departed. This means the company is searching for a new CFO to help integrate Biovail ($BVF) and Valeant, which merged in June in a $3.3 billion deal and took on Valeant's name.
And this when we've hardly digested Pfizer CEO Jeff Kindler's (photo) sudden exit and incoming chief Ian Read's (photo) plans to rearrange the company's management team. Or the idea of two new vice chairs at Johnson & Johnson vying to eventually take on CEO Bill Weldon's (photo) seat, or the ascendance of Merck's Kenneth Frazier (photo).
Both Wells and Mulligan came from the Biovail side of the merger, Reuters reports, and analysts say Valeant types have been dominating the combined company. After all, the new Valeant has the old Valeant's chief executive at the helm. Mulligan's interim replacement, Philip Loberg, is also a longtime Valeant exec.
- see the release from Valeant
- read the Reuters story