Valeant Searches for New CEO, Welcomes Ackman to Board

Amid probes into its accounting activities, Valeant Pharmaceuticals is seeking a replacement for CEO J. Michael Pearson.

Pearson will remain CEO until his successor is found. News of his stepping down comes less than a month after he returned from a medical leave of absence.

In addition, William Ackman, founder and CEO of Pershing Square Capital Management, will be joining the company’s board. Pershing has a 9 percent stake in the drugmaker. Corporate director Katharine Stevenson will be stepping down from the board to make room for Ackman’s appointment, the company says.