Valeant Pharmaceuticals International, Inc. today announced that Paul S. Herendeen has been appointed Executive Vice President, Finance and will take over the role of Chief Financial Officer from Robert L. Rosiello effective immediately. Mr. Rosiello will remain at Valeant as Executive Vice President, Corporate Development and Strategy.
Mr. Herendeen has more than 30 years of broad financial experience and leadership, including 16 years as CFO of Warner Chilcott and MedPointe. He joins Valeant from Zoetis, where he served as Executive Vice President and CFO for the past two years. As Valeant CFO, he will oversee all of the company’s finance functions, including: controllership, tax, and treasury, reporting directly to chief executive officer Joseph C. Papa.
“Paul is an accomplished and well respected financial executive, and we are delighted to welcome him to Valeant,” said Mr. Papa. “His prior experience as a public company CFO, strong operational focus and disciplined approach to financial management make him the ideal choice to lead our finance function as we execute on our plans to stabilize and transform the company. As we move forward, Paul and the other members of the executive management team will play vital roles in shaping the new Valeant.”
Mr. Herendeen stated, “I am pleased to bring my experience and financial expertise to Valeant at this important point in its transformation, and I look forward to working with the leadership team and my finance colleagues to contribute to the company’s future success.”
In his new role, Mr. Rosiello will assume responsibility for Corporate Development and Strategy and continues as EVP and an Executive Committee member, reporting directly to Joe Papa.
“I consider Rob Rosiello a trusted colleague,” said Mr. Papa. “At a critical time, he led our team through a financial restatement, oversaw the process of becoming current in our SEC filings, and spearheaded our efforts to strengthen our finance team, particularly by recruiting a new chief accounting officer. Rob’s integrity, work ethic and business acumen will be assets as we further develop our strategies to improve people’s lives with our healthcare products.”
“Paul’s background and strong reputation as a public company CFO make him the ideal person to lead Valeant’s finance function,” said Mr. Rosiello. “In my new role I will leverage thirty-plus years of experience in corporate strategy to continue to work with Valeant’s top team for the benefit of our stakeholders.”
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