Valeant hires Zoetis's Paul Herendeen as CFO

August 22, 2016 6:14 AM EDT

A sign for the headquarters of Valeant Pharmaceuticals International Inc is seen in Laval, Quebec June 14, 2016. REUTERS/Christinne Muschi/File Photo


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(Reuters) - Valeant Pharmaceuticals International Inc (NYSE: VRX) named Zoetis Inc (NYSE: ZTS) executive Paul Herendeen as its chief financial officer, replacing Robert Rosiello, the latest in a series of management changes at the Canadian drugmaker.

Valeant's U.S.-listed shares (NYSE: VRX) were up 5 percent in premarket trading on Monday.

The embattled drugmaker is trying to regain investor confidence following a tumultuous past year in which its pricing strategy and ties to a specialty pharmacy led to a wider political and regulatory scrutiny, hammering its stock.

Laval, Quebec-based Valeant tapped Perrigo Co Plc's (NYSE: PRGO) Chief Executive, Joseph Papa, to replace long-time CEO Michael Pearson earlier this year.

Valeant also named a new general counsel and announced the departure of its public relations head earlier this month.

Rosiello will remain at Valeant as executive vice president, corporate development and strategy, the company said.

Zoetis on Sunday promoted Glenn David as its CFO.

Up to Friday's close of $28.74, Valeant's stock had fallen 72 percent this year.

(Reporting by Ankur Banerjee in Bengaluru; Editing by Sriraj Kalluvila; Editing by Anil D'Silva)



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