Valeant Names Corporate Controller

(RTTNews) - Canadian drug maker Valeant Pharmaceuticals International, Inc. (VRX, VRX.TO) said it has appointed Sam Eldessouky as senior vice president and corporate controller, with effect from May 31, 2016.

The appointment is the latest in a raft of management changes at the company, which has been criticized for its accounting and business practices.

Eldessouky has more than 20 years of experience in accounting and finance. He joins Valeant from Tyco International plc (TYC), where he has served since 2004. Most recently, he served as senior vice president, controller and chief accounting officer at Tyco.

As a senior vice president and corporate controller of Valeant Pharma, Eldessouky will be responsible for directing global accounting and financial reporting activities to ensure accurate and timely compliance with all internal and external requirements. Eldessouky will report directly to Valeant's Chief Financial Officer, Robert Rosiello.

Joseph Papa, Chairman and Chief Executive Officer of Valeant Pharma said, "Financial reporting remains a key area of focus for us, and we look forward to Sam's contributions as we enhance and bolster our reporting structure and policies, and rebuild trust among investors."

Papa assumed the role of chairman and CEO of Valeant Pharma in early May, succeeding Michael Pearson. He joined Valeant from Perrigo Co. plc (PRGO), where he served as CEO since 2006.

In March, Valeant said that the improper conduct of its former chief financial officer and former corporate controller resulted in the provision of incorrect information to the committee and the company's auditors, and also contributed to the misstatement of its financial results.

Valeant has also faced criticism for sharply increasing the prices of life-saving drugs that it acquired through takeovers. The company had raised prices on heart medications Isuprel and Nitropress by 525 percent and 212 percent, respective, after acquiring them.

Valeant is now facing federal probes relating to its pricing decisions, distribution of its drugs and patient assistance programs.