Valeant’s Boss Is Back: Can the CEO Save the Day, Again?

On Sunday, Feb. 28, Valeant Pharmaceuticals finally had some good news for shareholders. The Canadian drug company said its chief executive officer, Michael Pearson, who’d been on extended medical leave, would be returning to his post. He would give up his title as chairman of the board, perhaps to quell any internal detractors—CNBC had reported several days earlier that board members had debated whether Pearson should come back at all. But after weeks of uncertainty following his December hospitalization for severe pneumonia, Pearson seemed ready.

There’d be no easing back in. That same day, Valeant canceled a Monday morning earnings conference call. In addition, the company said it would have to reissue its financial forecast for the year.