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VRX > SEC Filings for VRX > Form 8-K on 17-Mar-2017All Recent SEC Filings




Change in Directors or Principal Officers

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

William A. Ackman and Stephen Fraidin, both members of the Board of Directors (the "Board") of Valeant Pharmaceuticals International, Inc. (the "Company") and affiliates of Pershing Square Capital Management, L.P. ("Pershing Square"), advised the Company on March 13, 2017 that they have decided not to stand for reelection to the Board at the next annual meeting. Messrs. Ackman and Fraidin made this decision in light of the sale by Pershing Square and affiliated entities of all Company shares held by them and in order to dedicate more time to other Pershing Square portfolio companies and investment opportunities. Messrs. Ackman and Fraidin will continue to serve as directors on the Board until their terms end at the Company's 2017 annual meeting of shareholders. Mr. Ackman currently serves as the chairman of the Finance and Transactions Committee of the Board, and Mr. Fraidin currently serves as a member of the Conduct and Compliance Committee and the Talent and Compensation Committee of the Board. The determinations of Messrs. Ackman and Fraidin not to stand for reelection was not a result of any disagreement with the Company or the Board.

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