Valeant's (VRX) CFO Hire Seen as Positive at Deutsche Bank

August 22, 2016 11:05 AM EDT
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Deutsche Bank analyst Gregg Gilbert commented on Valeant Pharma (NYSE: VRX) after the company announced that Paul S. Herendeen will take over the role of CFO. In the analyst's view, the hire is a key positive for Valeant.

"... we see the hiring of Mr. Herendeen as a notable development; after several years of interaction, we view him as a highly capable financial leader that has helped create value in some complicated and risky situations. Based on our view of Mr. Herendeen as a detail oriented, conservative individual, we believe he would not likely have accepted this position without having done significant diligence," said Gilbert.

"We also view him as someone that is focused on creating shareholder value over the long term, and would expect his compensation structure to be consistent with that theme," added the analyst.

Valeant is Not Rated at Deutsche Bank.

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