Valeant CEO Takes Medical Leave

Valeant Pharmaceuticals International CEO J. Michael Pearson has taken a medical leave of absence, leaving a team of executives to run the Canadian drugmaker on an interim basis.

Pearson, 56, has been hospitalized with severe pneumonia, according to the company, whose board has formed a new committee to oversee and support the interim executive team. That team immediately faces a series of controversies — including congressional questions about its product pricing and an insider trading lawsuit.