Jeffery W. Ubben Has Resigned From Board
LAVAL, Quebec, Aug. 25, 2015 /CNW/ -- Valeant
Pharmaceuticals International, Inc. (NYSE: VRX) (TSX: VRX) today
announced the addition of D. Robert
Hale, Partner of ValueAct Capital, to its board of directors
and the resignation of Jeffrey W.
Ubben, CEO and CIO of ValueAct Capital, effective as of
August 19, 2015.
ValueAct Capital, an investment firm based in San Francisco with over $20 billion under management, owns approximately
4% of the outstanding stock of Valeant, and has been a shareholder
in Valeant since 2006. As a Partner and member of the
investment team of ValueAct Capital, Hale has worked closely with
the board and management team of Valeant since January 2011.
Hale will be the fourth Partner of ValueAct Capital to serve on the
Valeant Board, following Mason
Morfit, Brandon Boze, and
Jeff Ubben.
"Over the past year, Jeff brought a strong shareholder
perspective to our Board of Directors, and we have immense
gratitude for his service," said J. Michael
Pearson, chairman and chief executive officer of Valeant.
"We are delighted that we will continue to have Board
representation from ValueAct Capital, a committed shareholder with
a focus on long term value creation. We have gotten to know
Rob well over the past five years and are glad that he will now
serve as a Director. Rob's strategic and financial expertise
will add a valuable perspective to our Board."
"I'm pleased to join Valeant's board of directors," said
D. Robert Hale. "It's an exciting
time for Valeant as the company positions itself for long-term
growth and leadership in the pharmaceuticals and medical products
industry. I look forward to working more closely with the company's
leadership team and the board of directors to build on the
company's success in the years to come."
Jeffery W. Ubben stated, "I have
had a wonderful experience serving as a Director of Valeant.
Valeant has been a key contributor to ValueAct Capital's success
over the past nine years, and after serving on the Board I have an
even greater appreciation for the quality of the Board and
management and for the long term potential of the company.
While I will no longer serve as a Director, I look forward to
working with Mike Pearson and the
Valeant team as an interested shareholder on an ongoing basis."
D. Robert Hale is a Partner of
ValueAct Capital. Prior to joining ValueAct Capital in January 2011, Mr. Hale was a Principal with The
Parthenon Group, working in both the Boston and Mumbai offices of Parthenon's strategic
consulting practice, as well as in an investment role at
Parthenon's long-short public equity vehicle, Strategic Value
Capital. Mr. Hale is a director of MSCI, Inc. He has an A.B. from
Dartmouth College.
About Valeant
Valeant Pharmaceuticals International, Inc. (NYSE/TSX:VRX) is a
multinational specialty pharmaceutical company that develops,
manufactures and markets a broad range of pharmaceutical products
primarily in the areas of dermatology, eye health, neurology and
branded generics. More information about Valeant can be found at
www.valeant.com.
Forward-looking Statements
This press release may contain forward-looking statements,
including, but not limited to, statements regarding the long-term
potential of Valeant. Forward-looking statements may
generally be identified by the use of the words "anticipates,"
"expects," "intends," "plans," "should," "could," "would," "may,"
"will," "believes," "estimates," "potential," "target," or
"continue" and variations or similar expressions. These statements
are based upon the current expectations and beliefs of management
of Valeant and are subject to certain risks and uncertainties that
could cause actual results to differ materially from those
described in the forward-looking statements. These risks and
uncertainties include the risks and uncertainties discussed in
Valeant's most recent annual or quarterly report and detailed from
time to time in Valeant's other filings with the Securities and
Exchange Commission (the "SEC") and the Canadian Securities
Administrators, which factors are incorporated herein by reference.
Readers are cautioned not to place undue reliance on any of these
forward-looking statements. These forward-looking statements speak
only as of the date hereof. Valeant undertakes no obligation
to update any of these forward-looking statements to reflect events
or circumstances after the date of this press release or to reflect
actual outcomes.
Contact Information:
Laurie W. Little
949-461-6002
laurie.little@valeant.com
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SOURCE Valeant Pharmaceuticals International, Inc.