NEW YORK (AP) — Valeant Pharmaceuticals is replacing Robert Rosiello as chief financial officer as the embattled pharmaceutical company attempts to normalize operations amid a host of ongoing investigations and class action suits.
The Canadian company named Paul Herendeen, former Zoetis chief financial officer, to fill the post immediately.
The company has been under fire for its strategy of buying smaller drug companies, then hiking the prices of the drugs that those companies make.
Earlier this year, Valeant Pharmaceuticals International Inc. ousted Michael Pearson, the CEO who engineered the company's acquisition strategy, replacing him with Joseph Papa.
Valeant is the target of at least 11 investigations in the U.S. and Canada, and a number of class action suits.