Regrets For Valeant's Ackman, Pearson; Big Pay For Papa
Executive Summary
Outgoing Valeant Pharmaceuticals International Inc.'s CEO Michael Pearson and board member Bill Ackman expressed regret during an April 27 Senate hearing about the price hikes of some of the Canadian firm's drugs and pledged change at the embattled company. Meanwhile, the company in a late-day securities filing disclosed it planned to pay incoming CEO Joseph Papa more than $67m in cash, restricted stock and options, which shocked and angered the Senate committee leaders.
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