Valeant Pharmaceuticals International, Inc. announced that chairman and chief executive officer J. Michael Pearson will be on a medical leave of absence, effective immediately. The company's board of directors has created an Office of the Chief Executive Officer, which will include Robert Chai-Onn, Executive Vice President and General Counsel, Dr. Ari Kellen, Executive Vice President and Company Group Chairman, and Robert Rosiello, Executive Vice President and Chief Financial Officer, to serve in an interim capacity.

In addition, the Board of Directors has created a Committee to oversee and support the Office of the CEO and will include Robert A. Ingram, Lead Independent Director, G. Mason Morfit, President, ValueAct Capital, and Howard B. Schiller, former Chief Financial Officer for Valeant.

Valeant confirmed last week that Mr. Pearson had recently been hospitalized and was being treated for a severe case of pneumonia.

"Our thoughts are with Mike and his family," said Robert Ingram. "Out of respect, we will be honoring his family's request for privacy and will not be commenting further on his condition at this time." 

Mr. Ingram added, "In the meantime, the Board of Directors has full confidence in Rob, Ari and Rob to preserve continuity of the Valeant operations and protect the long-term strength of the company while Mike is out.  The Committee will be working closely with the entire management team to ensure that the company continues to operate normally while Mike focuses on his health. I am confident that with the vast industry and business knowledge from the management team and the Board of Directors, we will manage through this period."