All Eleven Director Nominees Elected to the Board at Annual Meeting of Shareholders
LAVAL, Quebec, June 15, 2016 /PRNewswire/ -- Valeant Pharmaceuticals International, Inc. (NYSE: VRX and TSX: VRX) today announced that its Board of Directors has appointed Thomas W. Ross, Sr. as its lead independent director. Mr. Ross, who has been a member of Valeant's Board since March 8, 2016, serves on the Board's Nominating and Corporate Governance Committee and is Chairperson of its Conduct and Compliance Committee.
"I am delighted that Tom will serve Valeant in this important role," said Joseph C. Papa, chairman and chief executive officer. "Tom's contributions to the Board have been invaluable, and I believe the Company will continue to benefit greatly from his insights and expertise as we move Valeant forward."
"I am pleased to expand my service to Valeant as its lead independent director," said Mr. Ross. "The Board is very pleased with our new CEO and Chairman, Mr. Papa, and we all share with Joe and the management team, a deep commitment to working with Valeant's strong assets and personnel to launch a new chapter in the Company's history."
Following today's Annual Meeting of Shareholders, three new independent directors were elected to Valeant's Board, including: Dr. Argeris N. Karabelas, Russel C. Robertson and Dr. Amy B. Wechsler. Eight directors were re-elected -- Mr. Ross, William A. Ackman, Dr. Frederic Eshelman, Stephen Fraidin, D. Robert Hale, Robert A. Ingram, Robert N. Power and Joseph C. Papa. In the past year, Valeant has significantly refreshed its Board, adding nine new directors and expanding the number of independent directors to 10 out of 11. The detailed results of the vote for the election of directors are set out below:
William A. Ackman
Dr. Frederic N. Eshelman
D. Robert Hale
Robert A. Ingram
Dr. Argeris (Jerry) N. Karabelas
Joseph C. Papa
Robert N. Power
Russel C. Robertson
Thomas W. Ross, Sr.
Amy B. Wechsler, M.D.
At the annual meeting, shareholders also approved the non-binding advisory vote on named executive officer compensation as disclosed in the proxy statement and appointed PricewaterhouseCoopers LLP as the Company's independent registered public accounting firm until the close of the Company's 2017 annual meeting of shareholders.
The final vote tabulation on all matters voted on at today's meeting will be reported to the U.S. Securities and Exchange Commission on a current report on Form 8-K and such report will be made available on the Company's web site at www.valeant.com.
Thomas W. Ross, Sr. is President Emeritus of the 17-campus University of North Carolina having served as President from 2011-2016. He currently serves as the Sanford Distinguished Fellow in Public Policy at the Duke University Sanford School of Public Policy and as a Professor of Public Law and Government at the UNC Chapel Hill School of Government. On July 1, 2016, Mr. Ross will assume the role of President of the Volker Alliance in New York. Prior to becoming President of the UNC System, Mr. Ross served as President of Davidson College, executive director of the Z. Smith Reynolds Foundation, director of the North Carolina Administrative Office of the Courts, a Superior Court judge, chief of staff to a U. S. Congressman, a member of a Greensboro, NC law firm and as an Assistant Professor of Public Law and Government at UNC-Chapel Hill's School of Government. Mr. Ross holds a bachelor's degree in political science from Davidson College and graduated with honors from the UNC-Chapel Hill School of Law. Mr. Ross currently serves several boards and has received numerous awards and accolades for his public service and professional achievements.
Valeant Pharmaceuticals International, Inc. (NYSE/TSX:VRX) is a multinational specialty pharmaceutical company that develops, manufactures and markets a broad range of pharmaceutical products primarily in the areas of dermatology, gastrointestinal disorders, eye health, neurology and branded generics. More information about Valeant can be found at www.valeant.com.
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SOURCE Valeant Pharmaceuticals International, Inc.