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REPORT: Valeant is appointing a new CEO

Linette LopezJan 6, 2016, 04:45 IST

Michael Pearson, chairman of the board and chief executive officer of Valeant Pharmaceuticals International Inc, poses following their annual general meeting in Laval, Quebec May 19, 2015.REUTERS/Christinne Muschi

Embattled pharmaceutical firm Valeant is planning to appoint a new CEO to replace Michael Pearson, according

Valeant's stock collapsed last year under the weight of federal investigations into its pricing practices, allegations of accounting irregularities from a short seller, and the revelation of its secret, close relationship with Philidor - a pharmacy that is also now under investigation for questionable practices with insurance claims.

Valeant's stock is down over 3% in after hours trading on this news.

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